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1. Approximately what percentage of the world"s economies experience scarcity?
A. 100%
b. 75%
c. 50%
d. 25%
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- What is scarcity? Can you think of two causes of scarcity?Explain in a well manner. How to solve the problem of scarcity. What initiative govt can take?1. In some countries the government makes most of the decisions about what will be produced, how it will be produced, and for whom. Does the fact that these choices are made by the government eliminate scarcity in these countries? Why or why not? 2. Should an economic model describe reality exactly?
- a)What are the characteristics of a socialist economy? Of a capitalist economy? b)In your normative opinion, is someone acting compassionately if they tax certain individuals in order to pass along that money to others? c)How can government power lead to corruption?6 Does Elon Musk suffer from scarcity? Explain.1) How does the concept of scarcity fit into an understanding of economics? How does it relate to the notion of trade offs? Explain a few factors that go into rational decision making in an economic contexr.
