Assignment 1

Your father owns a small family business but he is of the opinion that he does not have to be
concerned about economics as it is a government-related matter. As a student exposed to the scope of economics, in no more than 600 words, write an essay to your father, explaining to him the importance of knowing the basics of economics.

Your essay must include:
Introduction Defining key terms (economics, microeconomics, macroeconomics).

The importance of economics as it relates to scarcity and choices

Why is it important to appreciate economics?

Clarification of your fathers misconception.

Conclusion

Additional Guidelines
Your essay must include in-text citations

Writing style must be APA Times New Roman font, size 12, double spaced

A reference page must be included

Please refer to the presentation rubric for detailed mark scheme.