what s the economic problem of scare resources and unlimited wants

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Instructions

Your completed Homework assignment should be at least three to four pages in length. All sources used, including the textbook (ECON MACRO Principles of Macroeconomics, William A McEachern, Student Edition 4) must be referenced; paraphrased and quoted material must have accompanying citations. All references and citations used must be in APA style.

Explain the economic problems of scare resources and unlimited wants

Question 1 – (Definition of Economics) what determines whether or not a resource is scare? Why is the concept of scarcity important in the definition of economics?

Question 2 – (Rational Self-Interest) Discuss the impact of rational self-interest on each of the following decisions

  • Whether to attend college full time or enter the workforce full time
  • Whether to buy a new textbook or a used one.
  • Whether to attend a local college or an out-of-town college

Question 4 – (Marginal Analysis) the owner of a small pizzeria is deciding whether to increase the radius of delivery area by one mine. What considerations must be taken into account if such a decision is to increase profitability?