Ch+1+Review

Ch 1 assessment #1-7, 9-16 9. Land is scarce because resources are limited, like oil. Labor is scarce because jobs are always hiring and rehiring. Capital is scarce because the materials that we use to make products are sometimes always limited. 10. a. has to make some important decisions but at the same time deny other important decisions b. agrees to make an alliance with a another country but at the same time offer some sort of offering such as weapons or proctection c. will need to pay more tax but because he chose to take the higher income d. doesnt pay as much tax but because didnt take higher income 11. they show alternative ways to use and economy's productive resources 12. it states that production switches from one item to another, more and more resources are necessary to increase production of the second item. Therefore ,the opportunity cost increases 13. The railroads created the benefits of labor because it made job opportunities 14. Firefighters protect people from fires Cops protect people form crime Hospitals help people who are sick 15. i agree that labor is the main idea of entrepreneurs because well they make jobs for people to do and offer services 16. I decided to hang out with my friends with my friends all this weekend and now I'm up late doing hw. i decided to spend money on new clothes than paying for my car insurance, i decided to wash my car myself than to pay someone to wash it for me
 * 1) Scarcity
 * 2) trade-offs
 * 3) land
 * 4) guns and butter
 * 5) opportunity cost
 * 6) entrepreneur
 * 7) under utilization