Think about how and why goods and resourcesare scarce. Goods and resources can be scarcefor reasons that are inherent to their nature at alltimes, temporary or seasonal, or that are artificially created. Separate the goods listed below into two groups; indicate which (if any) are artificiallyscarce (AS), and which (if any) are inherentlyscarce (IS). [LO 1.1]a. air of any qualityb. landc. patented goodsd. original Picasso paintings
Think about how and why goods and resourcesare scarce. Goods and resources can be scarcefor reasons that are inherent to their nature at alltimes, temporary or seasonal, or that are artificially created. Separate the goods listed below into two groups; indicate which (if any) are artificiallyscarce (AS), and which (if any) are inherentlyscarce (IS). [LO 1.1]a. air of any qualityb. landc. patented goodsd. original Picasso paintings
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Think about how and why goods and resources
are scarce. Goods and resources can be scarce
for reasons that are inherent to their nature at all
times, temporary or seasonal, or that are artificially created. Separate the goods listed below into two groups; indicate which (if any) are artificially
scarce (AS), and which (if any) are inherently
scarce (IS). [LO 1.1]
a. air of any quality
b. land
c. patented goods
d. original Picasso paintings
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