Chapter+1+Work

Read Pg 12-18. HW answer questions #1-16 (skip # 8) on pg. 20-21


 * 1) Scarcity
 * 2) Trade-offs
 * 3) Land
 * 4) "Guns or Butter"
 * 5) Opportunity Cost
 * 6) Entrepreneur
 * 7) Under utilizing
 * 8) If you have too little of one of these be it labor such as workers or land or even capital then one will greatly affect the other one and result in a loss.
 * 9) A). He would hold a meeting talking about how we would allocate the money and where cuts would be made. B). He would also hold a council meeting and decide with his common man on where the money would be needed and which issue would be more important than others. C). He would most likely talk with himself on what he deemed important and then spend or save depending on his decision. D). They would think harder on how to spend their money and when to spend and not to spend.
 * 10) Efficiency, Cost, and Growth
 * 11) This law states that as production switches from one item to another more and more resources are necessary to increase of the second item.
 * 12) The first railroads did not produce any physical capital because it didnt build anything but it brought the materials that helped build many other physical capital.
 * 13) 1). Providing social security: Buttload of money given to people who dont need it. 2). Grants: It helps students reach college but it also spends alot of money. 3). Lending money helps other nations but we give alot of money towards them rather than us.
 * 14) I agree because the entrepreneur helps put all this together and make a profit and help the economy.
 * 15) Woke up early to eat breakfast: Less sleep. Studied for math quiz: Less time to do chores. Worked on english homework: less time to work on other assignments
 * 1) Woke up early to eat breakfast: Less sleep. Studied for math quiz: Less time to do chores. Worked on english homework: less time to work on other assignments