MBradshaw Biblical Intergration Essay 3.docx

MBradshaw Biblical Intergration Essay 3.docx - Running head...

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Running head: ECONOMICS 1 Abraham insisted on paying for the tomb to bury his wife because he had a great need (demand) and understood that every commodity in the world has a price. Abraham had a wide experience in the trade, and he understood that the owner of the tomb incurred a lot of cost in its preparation. The owner may not have paid anyone to make the tomb, but he could have used a lot of his time to prepare the tomb. This made Abraham offer to compensate the Hittites for the tomb. In determining the price of the tomb, the cost of production (preparing) the tomb should be considered. The price increases if this cost increase. Abraham knew that there is a widely accepted price for tombs. He wanted to show that it is unfair to acquire property without paying. This can be seen as the equilibrium price of the
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