F1: Scarcity, Trade-off, Opportunity Cost
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Posljednje ažuriranje almost 7 years ago
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Small pox is a terrible disease that has killed millions of people throughout history. Through systematic use of a small pox vaccine, the World Health Organization declared small pox eradicated (eliminated) in 1980. Would small pox meet the economic definition of scarcity? Discuss.
Categorize each of the following productive resources for a smoothie restaurant under the appropriate factor of production.
Workers who can read and follow recipes
Strawberries used in the smoothies.
The owner who purchased and organized all inputs.
The blender used to mix the smoothies.
Natural Resources (Land)
Human Capital
Physical Capital (Capital Good)
Entrepreneur
Sadie decided to go straight to college after high school rather than working for a year. Which of the following best describes the opportunity cost of her decision to go to college?
Based on the image above, it is rational to reduce pollution up to which point?
You hear that a developing nation is investing heavily in education and technology, while encouraging entrepreneurship and giving people the incentive to make a profit. Which of the following will most likely happen in this developing nation?