What Is Economics? List the three key economic questions. 1.The three basic economic questions a society must answer are _________ products do we produce? _________ do we produce the products?...

What Is Economics? List the three key economic questions.

1.The three basic economic questions a society must answer are _________ products do we produce? _________ do we produce the products? _________ consumes the products?

2. List the five factors of production.

3. Which of the following statements is true?

a. Positive statements answer questions like “What will happen if . . .?” Normative economic statements answer questions like “What ought to happen to . . .?”

b. Normative statements answer questions like “What will happen if . . .?” Positive economic statements answer questions like “What ought to happen to . . .?”

c. Most modern economics is based on normative analysis