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Author Question: What is scarcity and why does it exist? How is scarcity related to the study of ... (Read 231 times)

P68T

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on: Jun 30, 2018
What is scarcity and why does it exist? How is scarcity related to the study of economics?

Question 2

The statement American workers are lazy is an example of positive economic analysis.
 a. True
  b. False
  Indicate whether the statement is true or false


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enass

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Reply #1 on: Jun 30, 2018
Answer to Question 1

Scarcity exists because resources are limited while wants are unlimited. Scarcity means we are unable to have as much as we would like. Economics is the study of how human beings attempt to maximize satisfaction in the face of scarcity.

Answer to Question 2

False


P68T

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Reply #2 on: Jun 30, 2018
Correct answers!


enass

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Reply #3 on: Jun 30, 2018
Great! Please up vote :D


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