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Posted:
December 7th, 2013
Seminar
Discuss the difference between normative economic analysis and
positive economic analysis
. Is
economics concerned mainly
with normative or positive analysis? Briefly explain.
Discuss the concept of scarcity. Can you think of anything that is not scarce according to the economic definition? How might
governments reduce scarcity
?
Discuss the significance of the
production possibilities frontier
.
How can
economies achieve points
of production that lie outside the curve? What might cause an economy to produce at points beneath the curve?
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