In Mark Skousen’s article, “What is Economics, Anyway?,” he bemoans the apparent fact that the modern definition of economics is incomplete. What does he say is missing? A. relationship between means and endsB. the concept of scarcityC. the process of transformation of resourcesD. allocation toward competing ends

Consider your decision to study this final exam. Which of the four core principles of economics applies to the notion that the benefit of studying one more hour might not be worth the cost of studying one more hour? Select one: a. Interdependence principle b. Marginal principle c. Cost-benefit principle d. Opportunity cost principle

What is scarcity

Explain how scarcity is determined in our economy

What is scarcity? Can you think of two causes of scarcity?

Define scarcity and identify two causes of scarcity?

How should we deal with the problem of scarcity?

Question 5: Scarcity and choices go all together, defend and refute the statement with example?

According to the article of Jan 18, 2016 "several Canadians are nominated for Oscars" answer the question that What is the trade off between movies and other goods and services? How is this trade off illustrated by the production possibilities frontier? Use economic concepts to answer this question.

** || 85% Microeconomics > Page 2 of 5 2. Draw and explain a production possibilities frontier for an economy that produces milk and cookies. What happens to this frontier if disease kills half of the economy's cows? 3. Consider the following events: Scientists reveal that consumption of oranges. decreases the risk of diabetes, and at the same time, farmers use a new fertilizer that makes orange trees more productive. Illustrate and explain what effect these changes have on the equilibrium price and quantity of oranges. 4. Imagine that you are a nonsmoker sharing a room with a smoker. According to the Coase theorem, what determines whether your roommate smokes in the room? Is this outcome efficient? How do you and your roommate reach this solution? 5. Charlie loves watching Teletubbies on his local public TV station, but he never sends any money to support the station during its fundraising drives. (a) What name do economists have for people like Charlie? (b) How can the government…