MICROECONOMICS FOR TODAY (LL)-W/MINDTAP
10th Edition
ISBN: 9781337739115
Author: Tucker
Publisher: CENGAGE L
expand_more
expand_more
format_list_bulleted
Question
Chapter 1, Problem 11SQ
To determine
Implication of the scarcity.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Identify the scarcity definition of economics from the following.
a.
the distribution of surplus goods to those in need.
b.
None of these
c.
ways to reduce wants to remove the problem of scarcity.
d.
the choices we make because of shortage of resources.
Which of the following is related to the use of economics?
a.
how people use unlimited resources to satisfy their unlimited wants
b.
how people use unlimited resources to satisfy limited wants
c.
how people use scarce resources to satisfy unlimited wants
d.
how businesses use unlimited resources to satisfy unlimited consumer wants
"What is Economics?"
Please respond to the following:
1. Identify a recent purchase that you made, recently, and determine how scarcity influenced your purchase decision.
2. Give an example of how scarcity of a product would have an impact on a microeconomic level. Please explain your rationale.
Chapter 1 Solutions
MICROECONOMICS FOR TODAY (LL)-W/MINDTAP
Ch. 1.6 - Prob. 1.1YTECh. 1.6 - Prob. 2.1YTECh. 1.6 - Prob. 2.2YTECh. 1.6 - Prob. 2.3YTECh. 1.A - Prob. 1SQPCh. 1.A - Prob. 2SQPCh. 1.A - Prob. 1SQCh. 1.A - Prob. 2SQCh. 1.A - According to Exhibit A-5, what is the relationship...Ch. 1.A - Prob. 4SQ
Ch. 1.A - Prob. 5SQCh. 1.A - Prob. 6SQCh. 1.A - Prob. 7SQCh. 1.A - Prob. 8SQCh. 1.A - Prob. 9SQCh. 1.A - Prob. 10SQCh. 1.A - Prob. 11SQCh. 1.A - Prob. 12SQCh. 1.A - Prob. 13SQCh. 1.A - Prob. 14SQCh. 1.A - Prob. 15SQCh. 1.A - Prob. 16SQCh. 1.A - Prob. 17SQCh. 1.A - Prob. 18SQCh. 1.A - Prob. 19SQCh. 1.A - Prob. 20SQCh. 1 - Prob. 1SQPCh. 1 - Prob. 2SQPCh. 1 - Prob. 3SQPCh. 1 - Prob. 4SQPCh. 1 - Prob. 5SQPCh. 1 - Prob. 6SQPCh. 1 - Prob. 7SQPCh. 1 - Prob. 8SQPCh. 1 - Prob. 1SQCh. 1 - Prob. 2SQCh. 1 - Prob. 3SQCh. 1 - Prob. 4SQCh. 1 - Prob. 5SQCh. 1 - Prob. 6SQCh. 1 - Prob. 7SQCh. 1 - Prob. 8SQCh. 1 - Prob. 9SQCh. 1 - Prob. 10SQCh. 1 - Prob. 11SQCh. 1 - Prob. 12SQCh. 1 - Prob. 13SQCh. 1 - Prob. 14SQCh. 1 - Prob. 15SQCh. 1 - Prob. 16SQCh. 1 - Prob. 17SQCh. 1 - Prob. 18SQCh. 1 - Prob. 19SQCh. 1 - Prob. 20SQ
Knowledge Booster
Similar questions
- Economists use the phrase ceteris paribus to express the assumption Select one: a. "all else equal." b. "everything affects everything else." C. "there is no such thing as a free lunch." d. "scarcity is a fact of life."arrow_forwardExplain the link between scarcity and each of the following: (a) choice, (b) opportunity cost, (c) the need for a rationing device, (d) competition. please give individual example. Thank you sir.arrow_forward1) Scarcity implies that A) people should limit their wants. B) firms must become more efficient when producing goods. C) people must make choices. D) non-renewable resources should never be used. 2) Scarcity exists because human wants ________ 3) The most basic concept in economics is A) wealth. B) income. C) scarcity. D) spending. 4) Scarcity means A) not being able to satisfy all of everyone's needs. B) not being able to satisfy all of everyone's wants. C) having too little of a product to serve all customers who wish to buy it. D) the same thing as shortage. 5) Which of the following statements about scarcity is TRUE? A) Scarcity is no longer a problem for industrialized countries. B) Scarcity is a problem only in countries that do not use markets to organize economic activity. C) Scarcity exists in all societies. D) Scarcity is a problem only in countries that use markets to organize economic activity. 6)…arrow_forward
- What are the two major ways in which an economy can grow and push out its production possibilities curve?a. Better weather and nicer cars.b. Higher taxes and lower spending.c. Increases in resource supplies and advances in technology.d. Decreases in scarcity and advances in auditing.arrow_forwardBecause of scarcity,a. it is impossible to satisfy every desire andchoices must be made.b. the available supply of time, goods, andresources is greater than human wants.c. every desire is fulfilled.d. there are no limits on the economy’s ability tosatisfy unlimited wants.arrow_forwardDescribe the idea Scarcity and Choice in economic concept in 200 words. Give examples.arrow_forward
- a. in what ways is economics a science and why do economists make? b. What is the importance of the circular-flow diagram? c. On the Forbes 2021 list of the World’s Billionaires, Jeff Bezos ranks at the top with a net worth of US$177 billion. Does he face scarcity, or does scarcity only affect those with more limited incomes and lower net worth?arrow_forwardWhy is the economic concept of scarcity a crucial onefor businesspeople to understand?arrow_forward1. Describe economics as the study of "choice" and "scarcity".arrow_forward
- What is scarcity in economics, provide an example. What is the impact of technology and innovation on scarcity?arrow_forwardScarcity is a problem because... Group of answer choices There are not enough resources to produce all the goods and services people want to purchase. There are only small quantities of resources available on earth Not everyone has the same amount of resources, such as land and labor Unemployment exists, and therefore some people do not have enough resources to meet their basic needs.arrow_forwarda. Explain why scarcity leads to tradeoffs. b. What is the difference between positive and normative analysis? Which of the following statements would entail positive analysis, and which normative analysis? i. Internet auction companies will erode the profits of local automobile dealerships. ii. The government should impose special taxes on sales of merchandise made over the Internet. c. Why is the circular flow model important?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Economics Today and Tomorrow, Student EditionEconomicsISBN:9780078747663Author:McGraw-HillPublisher:Glencoe/McGraw-Hill School Pub Co
Economics Today and Tomorrow, Student Edition
Economics
ISBN:9780078747663
Author:McGraw-Hill
Publisher:Glencoe/McGraw-Hill School Pub Co