Why does scarcity imply that every society face trade-offs

Assignment Help Other Subject

Reference no: EM131635367

Q1: Why does scarcity imply that every society and every individual face trade-offs? (Your reply should be one or two paragraphs in length.)

Q2: Briefly discuss each of the following economic ideas (each idea should be about 1 paragraph in length):

1. People are rational,

2. People respond to economic incentives,

3. Optimal decisions are made at the margin.

Q3: What are the three economic questions that every society must answer?

Briefly discuss the differences in the way centrally planned, market, and mixed economies answer these questions. (Your reply should be about two paragraphs in length.)

Q4: What is the difference between efficiency and equity? Why do dovernments policymakers face a trade-off between efficiency and equity? (Your reply should be one or two paragraphs in length.)

5: Read the following article: To Raise Wages, Make Employers Compete for U.S. Workers by Samuel Estreicher

Select a statement in the article that is positive.

Select a statement in the article that is normative.

Do you agree with the opinion expressed in the article? Why or why not?

Reference no: EM131635367

Questions Cloud

What was the average velocity of the bicylist : What was the average velocity of the bicylist for the two hour trip?

Review problem of the coca cola : Suppose an election is being held for Soft Drink Commissioner. The field consists of one candidate from the Pepsi party and four from the Coca-Cola party.

Discuss china in terms of being the middle kingdom : Discussion: World Geography- Discuss China in terms of being the "Middle Kingdom," population growth issues, and industrialization.

In what ways is classical liberalism similar to conservatism : In what ways is classical liberalism similar to conservatism today? Please no plagiarism, remember to include citation and references.

Why does scarcity imply that every society face trade-offs : Why does scarcity imply that every society and every individual face trade-offs? Briefly discuss each of the following economic ideas

What is your informed position about this issue : What is your informed position about this issue? Should Free Speech be protected at all costs? Why or Why not - Write at least 5 complete sentences

Evaluate modernity as a shaping force in nineteenth-century : Evaluate modernity as a shaping force in nineteenth-century Western civilization, noting both its positive and negative effects as reflected in works of artist.

How much more will alexx have than spenser : Many retirement funds charge an administrative fee each year equal to 0.25% on managed assets. Suppose that Alexx and Spenser each invest $5,000.

The behavior of people holding public office : How does the hierarchy of ethics govern the behavior of people holding public office?

User Account

All Pages