1. Economics is the study of the efficient allocation of scarce resources (land, labor,
capital, entrepreneurial talent).
Define and explain the term “scarcity”.
Provide a situation where you have personally faced scarcity.
Provide the method in which you overcame the scarcity. Did you
choose an inferior good? Did you seek a Substitute Good? Did you forego
consumption?
2.
1. What is an example of a market failure?
2. What is consumer surplus and how does inflation affect it?
3. What are the characteristics of public goods?
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