Principles of Microeconomics (Econ 2600) Lakeland Community College Dr. Hyojin Jeong Halle Pappalardo 40065 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 each of the following: (a) choice-
(c) the need for a rationing device-
#8 Is it possible for a person to incur an opportunity cost without spending any money? Explain