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Explain how economic, social, and political forces influence real-world events. Distinguish between: microeconomics and macroeconomics. positive economics, normative economics, and the art of economics.

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The Institute of Chartered Accountants of BangladeshAn Assignment of EconomicsSubmitted To:Mr. Md. Aoulad HosenSubmitted By:Md. Aminul Islam KhanRoll No. 414Section-FBatch-13thSession: January-March 2006Date of Submission: - February 2, 2006.1. What is production possibility curve frontier? Explain by graph.The production possibility curve shows the maximum output of anyone commodity that the economy can produce together with the prescribed quantities of other commodities produced and the resources utilized. In short, the production possibility curve tells us what assortment of goods and services the economy can produce with the resources and techniques at its disposal. The assortment on the curve is regarded as technological efficient and bellow it as inefficient, for the simple reason that the economy is capable of producing a bigger assortment at least in respect of one commodity without decreasing any other. Any assortment, which is beyond the frontier, is really beyond the economys power and is unattainable. The production possibility curve depicts the societies menu of choices. Y 500 M 400 N 300 OP 200 Production Possibility frontier 100 R Q 0 30 50 70 90 100 XI

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