Explain the importance of the following economic concepts in today’s society.

Explain the importance of the following economic concepts in today’s society.
•     You may use recent statistics and graphs to supplement your answer.
•    Use the Dropbox to submit your answer.

1.    Normative Economics and Positive Economics
2.    Macroeconomics and Microeconomics
3.    Economic Principles
4.    Scarcity and Choice
5.    Marginal Analysis (comparisons of Marginal Benefits and Marginal Cost)
6.    Limited Income, Unlimited Wants, and Budget Line.
7.    Resource Categories
8.    Production possibilities Model
9.    Optimal Allocation of Resources
10.     Elements of Scientific Method

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