Fundamental problem of scarcity facing in an economy

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Reference no: EM132587992

MA503 Economics - Melbourne Institute of Technology

Learning Outcome 1: Demonstrate their understanding of fundamental problem of scarcity facing in an economy.

Task 1

Write a short essay in which you provide a definition to Economics as a science discipline. You are required to discuss the fundamental problem of economics through some real world examples using the economic concept of scarcity and production. You are also required to use at least ONE academic source with a proper APA reference.

Task 2

Create a Microsoft 365 Soft Account (note: it might take days to obtain the approval of the account) Open an online Word document

Draw two demand and supply diagrams in the online Word document showing Increase in Demand and Increase in Quantity Demanded, respectively

Create a share-link of the online Word document

Paste the share-line into the Google sheet MA503 T2 2020 Progress Record

(Alternative to the online Word, you can use a local word and share the local word through a link in the google sheet)
(For task 2 you just need a screen shot showing your share-link in the Google sheet MA503 T2 2020 Progress Record)

Attachment:- Economics.rar

Reference no: EM132587992

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