The United States is considered a rich country because Ameri

The United States is considered a rich country because Americans can choose from an abundance of goods and services. How can there be scarcity in a land of abundance? Give two examples for each of the following: (a) an intangible good, (b) a tangible good (c) a bad. Give an example of something that is a good for one person and a bad for someone else. What do economists mean when they say tha institutions matter? What is the difference between the resource labor and the resource entrepreneurship? Can either scarcity or one of the effects of scarcity be found in a car dealership? Explain your answer Explain the link between scarcity and each of the following: (a) choice, (b) opportunity cost, (o) the need for a rationing device, (d) competition. Is it possible for a person to incur an opportunity cost without spending any money? Explain. Discuss the opportunity costs of attending college for four years. Is college more or less costly than you thought it was? Explain Explain the relationship between changes in opportunity cost and changes in behavior MacBook Air OD F4 FS F6 F7

Solution

(a) An Intangible goods is a good that does not have physical nature as opposed to a physical goods digital goods such as downloadable music mobile apps or virtual goods used in virtual economics are all examples of intangible goods.

(b). A goods is define something that satifies and demand as therefore economics value. A book, a piece of furniture are the example of tangible goods.

(c). A economic bad is a opposite of economic good. A bad is anything with a negative value to the consumer. Refuse is a example of a bad.