a) What is 'Economics'?

b) What is resource? Why are they limited? Give an example in your answer.

c) Janie is 18 years old and has just completed her HSC. She has the option of either travelling to Europe for a year, or working full-time at a jewellery shop as a sales assistant.

i. What is Janie's scarce resource?

ii. Janie must decide between fulfilling two wants. What are these two wants?

iii. Can Janie be competely satisfied with either decision?