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HW#1 - Homework#1 1 Article The Resource Economy Avinash...

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Homework #1 1. Article: The Resource Economy, Avinash Vashistha / August 29, 2011 http://www.business-standard.com/india/news/the-resource-economy/447297/ A- Principle used: Resources-land, labor, capital, and human capital-are scarce, so individuals as well as societies must make choices about how to use these resources. B- Yes, the article supports the principle. According to the article, as the world’s resources grow scarce, India faces the challenge to secure its resource supply for the future. To prepare for the future, India needs to explore alternative resources, source traditional resources from new locations and leverage efficiency-enhancing technologies. C- Economic questions raised by the article: When resources are in limited supply, what we should do to achieve economic efficiency? How do companies in India respond to government incentives to increase production of renewable resources? 2. A: A family deciding whether to buy a hybrid car
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