Chapter 1: 22 (page 25)
Can you think of any examples of free goods, that is, goods or services that are not scarce?
We can think of sea water is an example of free good.
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The chapter defines private enterprise as a characteristic of market-oriented economies. What would public
enterprise be? Hint: It is a characteristic of command economies.
A consultant works forper hour. She likes to eat vegetables, but is not very good at growing them. Why does it make more economic sense for her to spend her time at the consulting job and shop for her vegetables?
A balanced federal budget and a balance of trade
are secondary goals of macroeconomics, while growth
in the standard of living (for example) is a primary goal.
Why do you think that is so?
What are three reasons to study economics?
What is scarcity? Can you think of two causes of scarcity?
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