Chapter 1: Problem 4
Give an example of an unintended effect.
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These are the key concepts you need to understand to accurately answer the question.
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Chapter 1: Problem 4
Give an example of an unintended effect.
These are the key concepts you need to understand to accurately answer the question.
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Entrepreneurship is sometimes the "forgotten resource." Why do you think it is easier to forget entrepreneurship than, say, labor or capital?
Some economists will talk about the resource time. Under what category of resource (land, labor, capital, or entrepreneurship) would you most likely place time? Explain your answer.
Give an example to illustrate how a person may incur an opportunity cost without paying anyone any money.
If there were zero opportunity cost to everything you did, would you ever face a trade-off? Explain your answer.
Identify the following resources. Write "Ld" for land," \(\mathrm{Lb}^{\prime \prime}\) for labor, \(^{\alpha} \mathrm{C}^{\prime \prime}\) for capital, and "E" for entrepreneurship. a. Francis's work as a secretary b. iron ore \(\mathbf{c}_{*}\) a farm tractor d. a computer used to write a book e. a comedian telling jokes on a television show f. a singer singing at an outdoor concert g. your teacher teaching you economics h. someone inventing a new product i. crude oil j. oil-drilling equipment
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