14. How could better healthcare improve business? Do businesses also face scarcity? Trueor False15. Being an entrepreneur always works and involves no risk. True or False16. Give 2 examples of things that could motivate an entrepreneur to take on risk.17. Define specialization.18. What does specialization and division of labor increase?19. Who is involved in voluntary exchange?20. Why do people participate in voluntary exchange?21. What is an incentive?22. What are the 2 types of incentives?23. Give an example of each type of incentive.24. How do economists say people respond to incentives?25. Draw and label a PPF.26. What could cause a PPF to shift outward?27. Define standard of living.28. An outward shift of the PPF would do what to standard of living?

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14. How could better healthcare improve business? Do businesses also face scarcity? True or False

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 23CTQ: Do economists have any particular expertise at making normative arguments? In other words, they have...

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14. How could better healthcare improve business? Do businesses also face scarcity? True
or False
15. Being an entrepreneur always works and involves no risk. True or False
16. Give 2 examples of things that could motivate an entrepreneur to take on risk.
17. Define specialization.
18. What does specialization and division of labor increase?
19. Who is involved in voluntary exchange?
20. Why do people participate in voluntary exchange?
21. What is an incentive?
22. What are the 2 types of incentives?
23. Give an example of each type of incentive.
24. How do economists say people respond to incentives?
25. Draw and label a PPF.
26. What could cause a PPF to shift outward?
27. Define standard of living.
28. An outward shift of the PPF would do what to standard of living?

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