4.What do economists mean when they say that “institutions matter”?
5.What is the difference between the resource labor and the resource entrepreneurship?
6.Can either scarcity or one of the effects of scarcity be found in a car dealership? Explain your answer.
7.Explain the link between scarcity and each of the following: (a) choice, (b) opportunity cost, (c) the need for a rationing device, (d) competition.
8.Is it possible for a person to incur an opportunity cost without spending any money? Explain.
9.Discuss the opportunity costs of attending college for four years. Is college more or less costly than you thought it was? Explain.
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