a) Illustrate the basic problems of the economy?
b) Describe such problems in detail and their solutions.
a) Describe the concept of PPC?
b) describe how the PPC can be used to address the three main problems of the society?
a) Describe the idea of price method.
b) Trace out the importance of such a mechanism.
a) Problems of the scarcity and choice are interrelated. Validate.
b) How would the idea of opportunity cost occur?
a) Illustrate the importance of a PPC.
b) State, in detail, the main properties of the PPC.