Definition of economics

Description

Answer the following questions: (Definition of economics) 1. What determines whether or not a resource is scarce? Why is the concept of scarcity important to the definition of economics? (Rational Self interest) 2. Discuss the impact of rational self interest in each of the following decisions. a. Whether to attend college full time or enter the work force full time. b. Whether to buy a new textbook or used one. c. Whether to attend local college or an out of town college.(Marginal Analysis) 4. The owner of a small pizzeria is deciding whether to increase the radius of delivery area by one mile. What considerations must be taken into account of such a decision is to increase profitability? All sources used must be referenced; paraphrased and quoted material must have accompanying citations