Define the concept of Economics – citing appropriate definitions .
Outline the basic Economic Problem. Highlighting 1)What goods to produce 2)How to produce them 3) For whom goods are produced ..Discuss briefly how this problem is solved differently in various economic systems
Explain the concept of Opportunity cost using an appropriate example
Use the Production Possibility Frontier to illustrate the economic problem and opportunity cost .Draw at least 2 diagrams showing the various possible production points relating to choice/ the efficient use of resources /long term Economic Growth
Please answer this question by defining and discussing fully all of the above economic ideas. Give suitable examples and use appropriate diagrams to demonstrate your understanding of relevant economic theory.
Please note this essay is worth 30% of the total marks available
for this module
Do not copy wholesale from textbooks/handouts /internet sources. Write in your own words as much as possible. It is permitted to copy diagrams provided the source is quoted and the explanation is paraphrased .
Write your name & student number on every page submitted .Pages should be clearly numbered and stapled together .
All Assignments must be handed to a member of staff in room VH2005 (staffroom) by 4pm 14/11/13.Please write the number of words you have written at the front of your assignment .
Assignments that are submitted up to one hour late will have a 10% deduction of marks . Those assignments submitted more than one hour late may be awarded a mark of zero.
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