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Key aspects of the economic way of thinking

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Reference no: EM133133599

"You have been appointed as the new Minister of Economic Affairs for the (entirely fictitious) newly-formed cabinet of the Kingdom of Congo. (The country's location is the westernmost part of the current Democratic Republic of Congo, near the Gabon border, where separatist tension has occasionally flared up since independence from Belgium.)

The would-be king is not knowledgeable about the modern science of economics and quite confident he can do without, whereas you are concerned this might scupper the state in its very infancy and lead it to economic failure.

In an open letter, explain to His Majesty:

-What economics is and why it is a true science

-The key aspects of the Economic way of Thinking

-The difference(s) between micro- and macroeconomics

-The reason why consumers are faced with trade-offs + provide an example of opportunity costs in real life

-Explain all possible economic systems + make your plea for the introduction of a market system (2-3 sentences)

-Explain the meaning and significance of Adam Smith's Invisible Hand, then provide two examples of it at play.

-Explain the meaning and significance of the Circular Flow model, then provide three examples of it at play."

Reference no: EM133133599

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