Here are the instructions for Assignment 1. Like you did with your Practice Assignment during orientation, type your responses in a document (for example: word, PDF, text file). Then submit it here when you are finished. It is due Sunday, 6/23 by 11:59 p.m. Let me know if you have any questions. Please answer each problem in your own words, using complete sentences.1. (2 points) Think about the concept of scarcity as it relates to the state of California. Name one resource you believe to be scarce, statewide. Why is it scarce? Provide at least 2 alternative uses for the resource. Now, think of your own access to/use of this resource. On a day to day basis, is the resource scarce for you? Why or why not? Use complete sentences throughout your response.2. (1 point) Your textbook says “For some goods, geography affects specialization. For example, it is easier to be a wheat farmer in North Dakota than in Florida, but easier to run a tourist hotel in Florida than in North Dakota.” Think of your own original example of geographic specialization.3. (1 point) Explain the difference between microeconomics and macroeconomics. 4. (2 points) In the circular flow model, in which market are goods and services bought and sold? And what do businesses give to households in the labor market?5. (1 point) Your textbook contrasts command economies and market economies. Describe one major difference between the two that grabbed your attention.6. (1 point) What developments have led to globalization occurring worldwide? 7. (2 points) What is a budget constraint graph for an individual? How can it be used to illustrate trade-offs and opportunity costs?8. (1 point) You choose to spend 3 hours studying economics on a Saturday morning. Using complete sentences, provide one possible opportunity cost of this decision.9. (2 points) Answer the questions based on the included table.Production Alternatives Type of ProductionABCDEPickups?036912Sedans504434190(Note, answers can be expressed as fractions) if the economy is at point D, what is the cost of one more pickup? Of one more sedan? If the economy is producing 5 pickups and 33 sedans, is it operating at productive efficiency?10. (1 point) Say you love eating candy bars. Explain how the law of diminishing marginal utility applies in the context of you purchasing candy bars from a convenience store. 11. (1 point) What is the name of the concept that explains that you should not stay and finish watching a theater performance simply because you paid the price of admission?12. (1 point) What economic concept explains why the PPF has a curved shape? 13. (1 point) If country A can produce more of a good than country B, does country A have absolute or comparative advantage for that good? 14. (1 point) Provide your own original example of a positive statement and your own original example of a normative statement.15. (2 points) Explain how the production possibilities curve can be used to illustrate each of the following:a. wastefulnessb. what happens when the economy growsc. when an economy is at productive efficiencyd. unattainable production Google altruism and you will find the following definition:the belief in or practice of disinterested and selfless concern for the well-being of others.Now think of altruism in the context of your textbook’s discussion (in Chapter 2) on how economics portrays people as having rational self-interest. In your opinion, does genuine altruism–as defined above–exist? Is it not a phenomenon observed in the real world? Does it exist for some groups of individuals (for example the wealthy, urban residents, or professional athletes) but not others? Explain your reasoning and include discussions/descriptions of concepts from Chapter 1 that are relevant to the topic.Note: for this and future discussion boards, you will have to make your initial post before you can see others’ posts. After your original post is made, you will be able to see/reply to others.
Concept of scarcity
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