Economics Homework Help

This is two-part question:

(1) In a minimum of 300 words and two references: Explain how people acting in their own self-interest is actually beneficial to society as a whole. Include in your explanation what it means for people to be rational. Does this mean they don’t make mistakes. Please place the complete reference at the of this part of the assignment; no need for a reference page or a cover page.

(2) write a narrative essay (minimum of 1200 words) which addresses the questions and statements below. A minimum of three scholarly sources are required, and all sources should be cited and referenced in APA format.

1. Define the term “scarcity”. Explain how scarcity applies even in a “rich” country like the United States.
2. Contrast positive economics and normative economics? Give an example of each.
3. The person who smokes cigarettes cannot possibly be thinking in terms of costs and benefits because it has been proven that cigarette smoking increases one’s chances of getting lung cancer. Evaluate the part of the statement that reads “the person who smokes cigarettes cannot possibly be thinking in terms of costs and benefits”?
4. Describe how each of the following would affect the U.S. PPF:(a) a war takes place on U.S. soil,(b) the discovery of a new oil field,(c) a decrease in the unemployment rate, and(d) a law that requires individuals to enter lines of work for which they are not suited.
5. Explain the condition that gives a PPF a bowed outward (concave downward) shape. Identify an example of this law. Please place the references for this part at the end of the essay.