* Answers should be at least 3-5 sentences long and include no grammar mistakes.
ID: 1152812 • Letter: #
Question
* Answers should be at least 3-5 sentences long and include no grammar mistakes. Your work is your own and ideas and positions are clearly explained.
1. What does the term opportunity cost mean and give an example and how it relates to your life as a student.
2. Be able to explain ceteris parabis and use it correctly in a sentence, by explaining something you have done to help improve your scores on exams.
3. Relate positive and normative statement with what you learned regarding fact and opinion statements. Give an example of both.
4. Explain why the United States still faces scarcity despite being one of the richest countries in the world.
Explanation / Answer
1. What does the term opportunity cost mean and give an example and how it relates to your life as a student.
Opportunity cost is the value of the next best alternative foregone. The opportunity cost of attending school is the earnings foregone. The next best alternative is taking up employment and the loss of earnings is the opportunity cost.
2.Be able to explain ceteris parabis and use it correctly in a sentence, by explaining something you have done to help improve your scores on exams.
The Latin phrase "ceteris parabis" means "other things remaining equal or constant".
I will study the economics text book thoroughly and score well in the exams, ceteris parabis.
3.Positive statement is objective and based on facts, while normative statement is subjective and opinion based.
The unemployment rate in the U.S. is 3.9% is an example of positive statement as it is based on facts.
The unemployment rate is very high is an example of normative statement as it is based on opinion.
4. United States faces scarcity due to lack of natural resources and minerals.
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