Why is a production possibility frontier curved

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Assignment:

Questions:

1 - Explain why scarcity leads to trade-offs.

2 - Name the three main categories of economic trade- offs.

3 - What are the three main components of interest rate?

4 - Explain why is a production possibility frontier curved. (Hint: What underlying principle or law does it illustrate? What does it mean in terms of opportunity cost?

5 - What is a positive economic statement? Please give an example.

6 - Overall how can self-interest be a good thing for society? (Consider the aspect of an individual's education or firms developing innovative products.) Can self-interest help society? Please explain.

Reference no: EM133295009

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