Chapter 1: Limits‚ Alternatives and Choices The fundamental economic problem Scarcity: – The basic economic problem arises because resources are limited‚ but human wants are unlimited. – Scarcity. . . means that society has limited resources and therefore cannot produce all the goods and services people wish to have. What is economics? • Economics is the study of how individuals and economies deal with the fundamental problem of scarcity. • Scarcity forces individuals‚ firms
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tribes came together and raided the European settlements and forced them out of their homes. Because the North Carolina militia was unable to stop the Tuscarora‚ help comes from South Carolina to fight our battles for us and a peace treaty was established. But this treaty was only temporary and the battle continued. South Carolina helped us fight this battle too and the Tuscarora retreated
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Week 1 Homework 2.3 The U.S government subsidizes flood insurance because those who want to buy it live in the flood plain and cannot get it at reasonable rates. What inefficiency does this create? This creates an inefficiency because the high deductibles insurance companies have. If the coverage for flood insurance is at a reasonable rate but the deductibles are high than the inefficiency would be people have a choice to not buy the insurance. If a persons intent is to lower their deductible the
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| | | | | | | | | | | | | | | | | | Question 1 1 out of 1 points | | | When are buyers and sellers likely to engage in an exchange? Answer | | | | | Selected Answer: | d. All of the above statements are correct | Correct Answer: | d. All of the above statements are correct | | | | | * Question 2 2 out of 2 points | | | In a transaction for a rare painting valued at $1‚000‚000‚ by an avid collector‚ and at $950‚000 by the
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Degrees of Economic Cooperation Between Various Countries An important trend that is noticed in international economy has been the growth of intra-regional trade and this type of trade has been fostered by the economic cooperation and integration schemes or trading blocs. International trade consists broadly of the following namely; 1. intra regional trade 2. inter regional trade There is also a talk of regionalization vs globalization of world trade. There has been world wide trade towards
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INTRODUCTION TO ECONOMICS Exercise 1 1. What determines that a resource be scarce? Why is scarcity important in defining Economics as a science Resources are seen as being scarce‚ when the wants exceed the resources. The fundamental problem of economics relates to the choices made in the face of limited resources and unlimited wants. 2. Read your local newspaper and economic magazines. Explain the difference between Microeconomics and Macroeconomics. From your research‚ give three examples
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Latin American countries are considered underdeveloped or backwards for this very reason. In an attempt to become somewhat economically and financially independent of foreign countries‚ Latin American nations established what is known as enclave economies‚ which is the specialization of one particular product for export. Unfortunately‚ this lead to the same cycle of dependency because of the constant need of foreign imports and exports; due to the fact that there were not ample amounts of technological
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practise of establishing colonies and annexing another country or colony. In more detail it is a time period in which stronger‚ more advanced countries began taking over less developed areas‚ colonizing them and influencing them to expand their own power. Getting the colonies under their sphere of influence‚ they thought it was their mission to help the uncivilized. There are three causes of imperialism‚ economic‚ political‚ and cultural. The economic cause of imperialism was mainly about the need for
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Joseph Park American Agriculture Agriculture is a large part of the American economy and plays a major role in domestic affairs‚ even though there are foreign implications‚ such as aid to other poor‚ foreign countries in the form of food. Because agriculture is vital to keeping the domestic economy stable‚ the federal government has and had passed farm bills that give governmental subsidies to farmers‚ allowing them to “artificially inflate prices” of farm products. Another component of the
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HRTM 483: Tourism Economics Term Project 1 Myrtle Beach‚ South Carolina The thriving industry of tourism found in Myrtle Beach‚ South Carolina economically contributes to the gross domestic product‚ employment‚ foreign exchange‚ earning‚ investment‚ regional impacts‚ contribution to taxation‚ and impact on other industry sectors within the state of South Carolina According to the Myrtle Beach Chamber of Commerce‚ in 2006 the state of South Carolina spending on travel and tourism reached
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