How and why goods and resources are scarce

Reference no: EM132176995

Question: Think about how and why goods and resources are scarce. Goods and resources can be scarce for reasons that are inherent to their nature at all times, temporary or seasonal, or that are artificially created. Separate the goods listed below into two groups; indicate which (if any) are artificially scarce (AS), and which (if any) are inherently scarce (IS).

a. air of any quality

b. land

c. patented goods

d. original Picasso paintings

Reference no: EM132176995

Questions Cloud

Intellectual property has potential value : Intellectual Property has potential value and things of value that are owned by a person or company are assets.

Which apartments fall within your budget : You are looking for a new apartment in Manhattan. Your income is $4,000 per month, and you know that you should not spend more than 25 percent of your income.

Different software for web servers : What are the names of some different software for Web Servers? What do you think about the future of Web Servers?

Explain how to use agile methods to scale the release plan : Explain how to use Agile methods to scale the release plan you developed for retiring the legacy applications.

How and why goods and resources are scarce : Think about how and why goods and resources are scarce. Goods and resources can be scarce for reasons that are inherent to their nature at all times.

Write a positive statement and a normative statement : Would a good economic model be more likely to address a positive statement or a normative statement? Why? Write a positive statement and a normative statement.

Contrast quality assurance and quality control : Contrast quality assurance and quality control. Describe the different quality activities involved in this project and each of their outcomes.

What role does exchange play in marketing : Define exchange. What role does exchange play in marketing? Define relationship marketing and its implications in business.

What assumptions does the model make : Describe an economic model you know. What assumptions does the model make? Are the assumptions reasonable?

User Account

All Pages