Q1: Describe how the owners of a computer repair store might use the four factors of production to run their business?
A1: For term of land, the owners of the computer repair shop need some rare metal from earth so that they can fix the computer. For term of labor, the owners of the computer repair shop need workers to help him repair the computer cause the owner of the shop can't repair all of the broken computer. For term of capital, the owners of computer repair shop will need some tools to fix the computer. The owner of the computer repair shop can also set up many stores in different places so that their store can also server for the people who live near the place. For term of entrepreneurship, the owners of the computer repair shop will need the skill to repair the computer otherwise nobody will go to their store and let this repair shop fix their computer.
Q2: Thinks of somer of the options you have for spending time after school-sports practice, hobby clubs, work, or extra study, for example. Which option would you choose? What is the opportunity cost of your choice?
A2: After school, I can go home and take a rest, practice basketball, and practice guitar. I would choose go home and take a rest so I can restore energy and then study. The opportunity cost will be practice guitar. Practicing guitar is my second choice to do after school.
Q3: What economic data does a PPC bring together?
A3: One important concept revealed in a PPC is efficiency, the condition in which economic resources are being used to produce the maximum amount of goods and services.
Q4: How do you think politicians might use normative economics statements?
A4: Normative economic is based on value judgment. I think politicians will use normative economic to judge a country's economy status.
A1: For term of land, the owners of the computer repair shop need some rare metal from earth so that they can fix the computer. For term of labor, the owners of the computer repair shop need workers to help him repair the computer cause the owner of the shop can't repair all of the broken computer. For term of capital, the owners of computer repair shop will need some tools to fix the computer. The owner of the computer repair shop can also set up many stores in different places so that their store can also server for the people who live near the place. For term of entrepreneurship, the owners of the computer repair shop will need the skill to repair the computer otherwise nobody will go to their store and let this repair shop fix their computer.
Q2: Thinks of somer of the options you have for spending time after school-sports practice, hobby clubs, work, or extra study, for example. Which option would you choose? What is the opportunity cost of your choice?
A2: After school, I can go home and take a rest, practice basketball, and practice guitar. I would choose go home and take a rest so I can restore energy and then study. The opportunity cost will be practice guitar. Practicing guitar is my second choice to do after school.
Q3: What economic data does a PPC bring together?
A3: One important concept revealed in a PPC is efficiency, the condition in which economic resources are being used to produce the maximum amount of goods and services.
Q4: How do you think politicians might use normative economics statements?
A4: Normative economic is based on value judgment. I think politicians will use normative economic to judge a country's economy status.
