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    Government Affects of Fundamental Economics

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    1. Does economics help teach us how to approach problems, or does it provide us with a set of answers to problems? What do you think your opportunity cost is?

    2. How does government affect the answer to the "What", "How", and "For Whom" fundamental economic question?

    3. Under what conditions would a nation be able to currently produce more of both consumer and capital products?

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    Step 1
    Economics helps teach us how to approach problems by providing a framework that guides us to solving problems. Economics also provides documented problem solving in economics courses. These are not set of answers to problems but provide ready strategies for solving problems. For example, the demand supply equilibrium helps us approach problems of what happens when there is an increase in demand for a certain good.
    Opportunity cost refers to loss of other alternatives when one alternative is chosen. When I selected to study the course in microeconomics, I was not able to study ...

    Solution Summary

    This solution explains microeconomics issues and concepts. The sources used are also included in the solution.