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PART 1 1a.- What is a model? 1b.- What is 'scarcity' in economics? (HINT: what is the price if there is no scarcity?) 1c.- What
PART 1
1a.- What is a model?
1b.- What is 'scarcity' in economics? (HINT: what is the price if there is no scarcity?)
1c.- What is 'free'?
1d.- Would you have to choose if there were no scarcity?
1e.- What is an opportunity cost?
PART 3
3a.- What is the law of demand?
3b.- What is the law of supply?
3c.- Do the quantities supplied ever equal the quantities demanded?
3d.- What happens if the price is above/below the point where there two curves meet?
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