As we reach the end of the course, I believe that you have acquired the necessary knowledge to understand some of the economic concepts like the law of supply and demand, the production possibility frontier (PPF), and many more. Besides the concepts I just mentioned, you have been exposed to some of the nation’s economic indicators, like the Gross Domestic Product, inflation, and employment(unemployment).
Now, here is your culminating task. Please prepare a paper in Microsoft Word that discusses the law of supply and demand in your own words or anything you learned in this class. To earn full credit make sure you define two or more of the terms below in your paper.
Gross Domestic Product
Gross National Product
The opportunity Cost
Absolute Advantage