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Department
Economics
Course
ECON 1010
Professor
Ardeshir Noordeh
Semester
Fall

Description
ChapterWHAT IS 1ECONOMICSAnswers to the Review QuizPage 21List some examples of scarcity in the United States todayAn example of scarcity at the economywide level would be people with lower incomes being forced to choose between food and gasoline due to high prices for both An example of scarcity at an individual level would be a person unable to afford lifesaving or lifeenhancing medicine At a more studentoriented level examples of scarcity include not enough income to afford both tuition and a nice car and not enough learning capacity to study for both an economics exam and a chemistry exam in one night2Use the headlines in todays news to provide some examples of scarcity around the worldA headline in National Post in July 2008 was LastFrontier Forest is at Risk from Boom This story discusses how the global resource boom is threatening one of the worlds last tropicalforest frontiers the Merauke region of IndonesiaThe story points out the scarcity of tropical rainforests as well as the scarcity of mineral reserves and how the two are colliding 3Use todays news to illustrate the distinction between microeconomics and macroeconomicsMicroeconomics Examples of todays news that illustrate microeconomic issues are How will a rise in sales taxes change what people buy What will happen to the number of students attending university if tuition were to increase 55 percent What will happen to lowskilled workers if the minimum wage is increased Macroeconomics Examples of todays news that illustrate macroeconomic issues are How will Canadian government spending on hospitals influence the national debt What would happen to total output in the economy if the income tax rates were increased Page 71Describe the broad facts about what how and for whom goods and services are producedWhat gets produced is significantly different today than in the past Today the economy produces more services such as medical operations teaching and hair styling than goods such as pizza automobiles and computers How goods and services are produced is by businesses determining how the factors of production land labour capital and entrepreneurship are combined to make the goods and services we consume Land includes all natural resources both renewable natural Copyright2010 Pearson Education Canada
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