Economics is the study of how humans make choices under conditions of scarcity.” Critically examine the statement with suitable examples.

Regulations: ? This assignment is an individual assignment. Students are encouraged to use their own Page | 1 words. ? Students must follow Saudi Electronic University academic writing standards and APA style guidelines. ? Support your submission with course material concepts, principles, and theories from the textbook, along with at least two scholarly, peer-reviewed journal articles. ? A mark of zero is awarded for any submission that includes copying from other resources without proper referencing it. ? Write at least 6-7 pages in length, excluding the title page, abstract and required reference page, which is never a part of the minimum content requirements. ?  

 (CRITICAL THINKING-1 )

Q1. “Economics is the study of how humans make choices under conditions of scarcity.” Critically examine the statement with suitable examples. (7.5Marks)

Q2. “When the tasks involved with producing a good or service are divided and subdivided, workers and businesses can produce a greater quantity of output.” Critically examine this statement keeping in mind the role of division of labor and specialization. (7.5 Marks)

 Q3. Which economic principle is most involved in the analysis of scarcity using Page | 2 a production possibilities curve? Illustrate your answer with the help of a diagram. (7.5Marks)

Q4. “Opportunity cost is the value of the benefits of the foregone alternative, of the next best alternative that could have been chosen but was not.” Critically analyze the statement by understanding that choices and alternatives have its own advantages and time constraints. (7.5Marks)

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