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What is scarcity

Assignment Help Microeconomics
Reference no: EM133436037

Questions:

  1. What is scarcity? Can you think of two causes of scarcity?
  2. A consultant works for $200 per 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?
  3. Give the three reasons that explain why the division of labor increases an economy's level of productio.
  4. What is the difference between microeconomics and macroeconomics?
  5. Why is it unfair or meaningless to criticize a theory as "unrealistic?"

Reference no: EM133436037

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