Principles of Microeconomics (Econ 2600)Lakeland Community CollegeDr. Hyojin JeongHomework Assignment 1Naccima States Herrera Course number 10332 .I.Chapter 1: Questions & Problems: 1, 5, 7, 8, 10, 14, 21 (p27)1.The United States is considered a rich country because Americans can choose from an abundance of goods and services. How can there be scarcity in a land of abundance?
5. What is the difference between labor as a resource and entrepreneurship as a resource?
7. Explain the link between scarcity and of the following: (a)choice, (b) opportunity cost, (c) the need for a rationing device, (d) competition.