Economics (Book Only)
Economics (Book Only)
12th Edition
ISBN: 9781305465459
Author: Arnold
Publisher: Cengage
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Chapter 1, Problem 1QP
To determine

Explain how scarcity comes in a land of abundance.

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Most economists believe the scarcity of resources will persist. Why?
“Scarcity is the fundamental problem that every nation in this world faces.”  What do you mean by this statement?  If you were an economist how would you address this fundamental problem?
Economics affects nearly everything we do in some way. Someone else has produced most items we consume, or use, in our daily lives, from food to clothes to music to gas for our cars. Chances are, when we purchase these daily items, we don't question the price with the producer. But in the United States, the interactions between the consumers and producers determine quite a lot in terms of business and economics. Think about the items and services that you and your family buy or consume. What causes you to pay the prices that you do for these goods and services? What determines the price that's on the price tag? What goes into determining, or setting, that price? Consider all the possible elements that could influence the prices you pay.
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