The Central Economic Problem

What is the fundamental economic problem faced by all individuals, societies, and countries?

What are the four basic categories of economic resources and what do they stand for?

What is the difference between positive and normative economics?

Using marginalist principle, what should a consumer be looking at in order to maximise net benefit in making rational decision?

How does the PPC illustrate scarcity, choice, and opportunity costs?

What does it mean when an economy is producing inside its PPC?

Referring to Section C, Pg 5 of the CEP tutorial, explain one benefit for the student who chooses to pursue pursue a diploma programme after her Higher Nitec education.

Referring to Section C, Pg 5 of the CEP tutorial, What is the cost to the firm Breadtalk for pursuing innovation across its operations? Please explain one explicit cost and one implicit cost.

(Hint: Firms aim to maximise profits and Total Profits= Total Revenue- Total Cost)

Referring to Section C, Pg 5 of the CEP tutorial, what is one consideration to the Singapore government for her decision to allow Marina Bay Sands (MBS) to develop a fourth tower?