ECON 2100 Midterm: ECON 2100 Kennesaw State ECON2100 Summer2016 Exam1C Key
Document Summary
Econ 2100 (summer 2016 sections 10 and 11) Brad has to spend and wants to purchase either a mountain bike or tv. Each item costs exactly , so he can only purchase one of the two items. This scenario illustrates that when resources are scarce, people face tradeoffs. The principle of comparative advantage states that a society can produce a greater amount of total output when individuals focus their production on those activities for which they possess a comparative advantage. The cleveland cavaliers lost the first two games of the nba finals to the golden state warriors by a combined score of 216 to 166. Around this same time, an earthquake in chile killed 37 people. If lebron james of the cleveland cavaliers is more upset his team"s performance in the. Nba finals than the loss of life in chile, it would seem to suggest that he is self-interested.
