Question
Because of the fundamental problem of scarcity, we have to weigh the options carefully before making a decision. Think about a major decision you will
Because of the fundamental problem of scarcity, we have to weigh the options carefully before making a decision. Think about a major decision you will make in the near future and explain in one substantive paragraph how you will apply the "economic way of thinking" to make a decision that optimizes your satisfaction.
(b) Economists often compare variables to determine the nature and extent of their relationships. The relationship can be positive or negative. For example, the number of hours of exercise and a person's blood sugar count has a negative relationship. Describe a pair of variables with a positive relationship and a pair with a negative relationship while explaining how they are related and the extent to which they change in response to each other.
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