What determines whether or not a resource is scarce? Why is the concept

Question # 00736561 Posted By: shortone Updated on: 09/07/2019 04:38 AM Due on: 09/07/2019
Subject Economics Topic Environmental Economics Tutorials:
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Your Assignment 1 relates to chapters 1 (The Art and Science of Economic Analysis)  and 5 (Introduction to Macroeconomics) respectively.. You will be answerring questions related to the purpose of Macroeconomics and the applications of concepts for economic measurements.  

Your assignment is worth 6 pts, and each of the questions must have at least a half of page of writing

A reference page with at least two references from the FNU Library (LIRN / Library and Information Resources Network) specifically Pro-Quest, and textbook are required, you must also reference your in-text.

In addition your answers must prescribe to APA format.. You must submit a cover page, each question in a page by itself, and your references page must be also in a page by itself.  And, please do not forget to reference your in-text.  Lastly your assignment must be submitted via "Safeassign" in order to obtain your max points your work must be original in at least 95%. 


Answer the following questions:

- What determines whether or not a resource is scarce? Why is the concept of scarcity important to the definition of economics?

- Why do economists pay more attention to national economies (for example the U.S. or Canadian economies) than the state or provincial economies (such as California or Ontario)?

- Why doesn't  the National Bureau of Econonomic Research identify the turning points in economic activity until months or even a year after they occur?


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