1. What are the four main categories of resources? Explain each of them.
2. Explain what happens in the simple circular flow diagram.
3. (a) Explain what can we learn from a country’s production possibilities curve? (b) How can a nation production possibilities curve shift inward? (c) Why the production possibilities cure is bowed-out in shape?
4. Will a nation tend to export or import goods for which it has comparative advantage? Explain
Economic costs or benefits of immigration – Is immigration bad/good for U.S. economy?