Questions:
1. With these principles, explain what they mean; follow up with an example for each principle. Feel free to use real world events as an example but be sure to cite your source.
explain, provide an example, use an in-text citation, and provide the reference to receive an 'S' for your work.
Principle 4: People Respond to Incentives
Principle 2: The Cost of Something Is What You Give Up to Get It
2. Consider how the rate of population growth influences the level of GDP per person.
3. explain the differences between absolute advantage and comparative advantage.
4. why do economists oppose policies that restrict trade among nations.
5. what determines how the burden of a tax is divided between buyers and sellers.