idea that resources are scarce and that society has unlimited wants and limited resources. panera sandwiches reveal that although customers went all the food to be free , At is unrealistic because less people will pay than are receiving Food . This reveals that society has unlimited wants and limited reasources . . Identify how Panera sandwiches exemplify the idea that every choice has a cost. 7. Identify how Panera sandwiches exemplify the idea that people make choices that maximize their satisfaction and that everyone acts in their own "self-interest." Part 3 - The Big Picture- Read the following quote and answer the questions. Textbooks describe economics as the study of the allocation of scarce resources. That definition may be the 'what,' but it certainly is not the 'why.' " - Ben Bernanke 8. In your opinion, why is it essential for people to understand the advantages and disadvantages of different economic policies? 9. In your opinion, why is it essential for people to understand the concepts of scarcity and opportunity cost? 10. How might an ignorant public make economic conditions worse? Part 4 - Putting It Together- Read the quote and answer the questions. 'Contrary to what professional economists will typically tell you, economics is not a science. All economic theories have underlying political and ethical assumptions, which make it impossible to prove them right or wrong in the way we can with theories in physics or chemistry." - Ha-Joon Chang 11. Why is it so difficult to prove that one economic theory is better than another? 12. Identify one assumption regarding human nature that influences your personal economic ideology. Video Help: https:/youtube/deUgl Liu_Cl Copyright Jacob Clifford 2020. www.ACDCecon.com Annual license required. Do not use unless you have purchased a license