Principles of Microeconomics (Econ 2600)Lakeland Community CollegeDr. Hyojin JeongDarla Hill 06/12/2018Homework Assignment 1I.Chapter 1: Questions & Problems: 1, 5, 7, 8, 10, 14, 21 (p27)1.The United States is considered a rich country because Americans canchoose from an abundance of goods and services. How can there bescarcityinalandofabundance?
5. What is the difference between the resource labor and the resourceentrepreneurship?
7. Explain the link between scarcity and each of the following, Choice,opportunity cost, the need for rationing device, competition.
B)Opportunity cost -While choosing between different goods, there is
C)The need for rationing device - Because of scarcity there is a need of
D)Competition- Because resources are limited, people compete with
8. Is it possible for a person to incur an opportunity cost withoutspendingany