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Econ CHapter 1

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Economics
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chapter 1

Thu Ngo Per.3 Econ Ch.1 1,3,4,7,8,9,10 a. The principle touched upon in this scenario is that people will seek to exploit opportunities to benefit themselves. b. The principle would be that resources are scarce. This is because I would only have a limited amount of resources, in this case money. Another would be opportunity costs for I would have to give up buying something to purchase another. c. By setting up a website, the student union is touching upon the principle of markets fostering efficiency. The website allows people to sell or provide buyers with a product. This is an efficient use of resources, for it the students were to simply give the items away, the recipient may not need it.

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