dumbass duck - FishLiu Fishscale#1...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Fish Liu Fish scale #1 Dumbass 200 B, Big fat mean whale  1. The ten principles of economics are: -Blurb -Ahpopopo -Fiddle Fiddle -Beh go pah - Horny ->”> ->_________>’’ ->” 2. Scarcity is the limited natural of a society’s resources that’s available.  Economy is defined as a social science that studies how to allocate  resources among competing use. It’s important to economy because we  have unlimited wants but we have a limited resources, thus economics  study the best way to allocate these limited resources  A:  One example of scarcity is capital, also known as manufactured goods.  Ferraris F50’s, with only four of them in the whole world, is a scarcity.  Because there are so few of them they are in high demand because  people wants what there is less of because of unlimited wants but there is  a limited amount of resources, thus the price of a Ferraris costs millions of  dollars.  B: The opportunity cost is measured by the value of a sacrificed  alternative of any product or service. Opportunity cost is not always  related to the money cost of an item, rather it is the evaluation of 
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 11/19/2010 for the course ECON ECON200 taught by Professor Ericka during the Spring '10 term at University of Washington.

Page1 / 3

dumbass duck - FishLiu Fishscale#1...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online