answers the question of eco 201

  1. Explain Adam Smith’s views on profit maximization and the invisible hand (not less than 300 words)
  2. Discuss three reasons why we study economics
  3. Why is choice important in economics? What are the costs of choices?
  4. What determines whether or not a resource is scarce? Why is the concept of scarcity important to the definition of economics?
  5. In the coordinate system of graphs, there are two main relationships between two variables. With the use of numerical examples, describe these two relationships.
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