Principles of Economics Read Chapter 2: Choice in a World of Scarcity, in Principles of Economics, retrieved from reading is attended Read Chapter Two in Principles of Economics.

Read Chapter Two in Principles of Economics. Part 1 In 250 to 300 of your own words please explain the concepts of “Opportunity Cost”, “Utility” and the “law of diminishing marginal utility”. Share a decision you have made that illustrates a choice made based on a budget constraint, and if you considered opportunity costs. Share one or two opportunity costs related to the decision, even if you didn’t consider before today. Part 2 please answer: What are the basic economic questions all societies/economies must answer? What are the three models that economists have developed to help categorize the many economic systems? What does the term “mixed economy” mean? Name one Country that has a mixed economy and why you think it is a mixed economy. Explain, in your own words but based on the reading, what the following political systems are: Communism, Socialism, and Capitalism. What do you, personally, think the current USA economic goals include, and why Part 3 Median Household Income, Property Value, and Poverty Rate Using the data posted by Data USA (found under required reading), please review the statistics for Median Household Income, Median Property Value, and Poverty Rate in your State. Compare your State to the USA as a whole. What are the factors that might make the averages different, for Median Household Income, Median Property Value, and Poverty Rate? Are people in your State better off? Or not? 300 words.