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Chapter 1 Economics The Core Issues Scarcity exists because of the imbalance between our desires and available resources forces us to make economic choices and implies the need to use resources efficiently Scarcity exists because of a lack of enough resources to satisfy all desired uses of those resources Scarcity implies that an increase in law enforcement services produced in a given year will decrease the amount of other goods and services that can be produced that year As a result of scarcity no matter what one has it is never enough getting more of one thing means less of something else and there is no such thing as a free lunch The assertion that There is no such thing as a free lunch means that there are tradeoffs whenever a decision is made Suzie is thinking about going to a movie tonight Tickets cost 8 and she will have to cancel a babysitting job that pays 25 The cost of going to the movie is 33 If a nation is faced with scarcity this means the nation is unable to have as much as it would like to have Ingredients for economic growth include capital plant and equipment accumulation growth in technology and investment in education and skill enhancement programs These events would create economic growth The economys capital stock grows Technology improves and Workers become more educated and skilled The following statements are true given the information provided in the following production possibilities table The combination of 14 units of corn and 4 units of wheat is currently unobtainable If the following production possibility table were graphed then the graph would be downward sloping and bow out away from the origin Consider the following production possibilities table The opportunity cost of one unit of wheat When moving from production possibility B to C is 4 units of corn
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