Reference no: EM13203672

a) First, identify and describe the three basic questions that all economies must answer. Write a thorough paragraph for each of the three basic questions and be sure to explain how any of these questions relate to demand, scarcity, technology, the distribution of goods/services, and any other economic terms you have learned. Second, write a paragraph giving a detailed explanation of what is meant by "mixed economies" and why all countries have some degree of mixed economy. In your response, give a real-world example of how one of the reasons has contributed to a specific country having a mixed economy.

b) First, in 1-2 paragraphs explain what is meant by a country's "production possibilities." In your response, be sure to include the assumptions and implications of this model and how it relates to scarcity, opportunity costs, and illustrate your explanation with an example. Next, write another paragraph in which you explain why the production possibilities frontier is generally bowed outwards and why a country might be at a point below/on/above the frontier. Finally, write another paragraph in which you explain how these possibilities respond to generalized and specialized technological development.