Please answer all parts of the following question. Please letter your answers.
(a) Briefly discuss what you think Economics is all about, and how an understanding of economics might help you in your life.
(b) Assume that you want to buy two goods (products A and B) but have the money only to buy one of them. If you buy product A, what do you lose?
(c) For each of the following two cases, briefly explain which country you think is better at producing/providing the good or service:
(i) military equipment: the U.S. or Puerto Rico?
(ii) beach vacations: the Bahamas or Tennessee?
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