The document distinguishes between “major or primary conflict” and “minor or secondary conflict.” What is the narrative importance of focusing on the primary conflict?

These are all types of logical gates, except:

In a command economy, the _________________ either makes most economic decisions itself or at least strongly influences how the decisions are made.

When nations have a healthy macroeconomy, they typically focus on three goals, one of these being:

In the first chapter of the Wealth of Nations Smith introduces the idea of the______________________which means the way in which the work required to produce a good or service is divided into a number of tasks that are performed by different workers.

Which of the following statements most likely lies within the realm of microeconomics? B.  

In a __________________________, most economic decisions about what to produce, how to produce it and for whom to produce it are made by buyers and sellers.

Refer to the table in the previous question.  . A student has only a few hours to prepare for two different exams tomorrow morning. The above table shows alternative possible exam outcomes with three alternative uses of the student’s time. The opportunity cost of scoring an 84 on the history exam rather than 76 is:

When most people want to know the cost of an item or a service, they look for a price tag. When economists want to determine cost, they go one step further. They use the idea of opportunity cost. Explain the concept of opportunity cost and illustrate with an example.  Remember to use your own words.  Your example can be about you or about a situation you see around you. 

Picture2.png At Point A in the production possibilities graph shown aove, the economy: