ECON 120: Economy questions
Question Description
1) Discuss each of the economic ideas: People are rational, people respond to incentives, and optimal decisions are made at the margin. Please give an example of each.
2) What is scarcity? Why is scarcity central to the study of economics? Please give a real world example of scarcity.
2) What is scarcity? Why is scarcity central to the study of economics? Please give a real world example of scarcity.
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