(Solved): Questions: Define opportunity cost and use an example to explain it. Use your own definition and exa ...

Questions: Define opportunity cost and use an example to explain it. Use your own definition and example, do not copy from the above case study. (4 marks) Define a production possibility curve and use such a curve to illustrate scarcity, choice and opportunity cost. (10 marks) Distinguish between microeconomics and macroeconomics and provide two examples of microeconomic issues and two examples of macroeconomic issues in South Africa today. (8 marks). Explain why economics is classified as a social science. (3 marks) Give an example of an economic problem involving opportunity cost that the South African government is currently facing. (2 marks) Use everyday examples to illustrate the relationship between scarcity, choice and opportunity cost. (6 marks) "The fact that the Chinese economy has grown so rapidly in recent decades implies that China is one of the richest countries in the world today." Do you agree with this statement? Explain.(6 marks) What does ceteris paribus mean? Briefly explain the role of this term in economic analysis.(1 mark) For Eco 1541 assignment and Mathematical note. Peer participation and attendance sheet is designed to capture a mark for participation on both assignment and mathematical note. Student who obtain 0 participation on assessment will automatically get 0 on the whole assessment. They are considered to not have written the assessment. Your sheet must look like this Basic microeconomics Eco 1541