Determinants whether or not a resource is scarce

1. (Definition of economics) What determines whether or not a resource is scarce? Why is the concept of scarcity important to the definition of economics?

2. (Rational Self- Interest) Discuss the impact of rational self-interest on each of the following decisions:

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a. Whether to attend college full time or enter the workforce full time

b. Whether to buy a new textbook or a used one

c. Whether to attend a local college or an out-of-town college

3. ( Marginal Analysis) The owner of a small pizzeria is deciding whether to increase the radius of delivery area by one mile. What considerations must be taken into account if such a decision is to increase profitability?

4. (Sunk Cost and choice) Suppose you go to a restaurant and buy an expensive meal. Halfway through, despite feeling quite full, you decide to clean your plate. After all, you think, you paid for it so you are going to eat it all. What is wrong with this thinking?

5. (opportunity cost) You can spend spring break at home working for $80 per day for five days or go to Florida for the week. Stay home expenses will total $100, going to Florida expenses will total $700. What is your opportunity cost of going to Florida?

6. (Specialization) Provide some examples of specialized markets or retail outlets. What makes the Web so conducive to specialization?

**Should be atleast three to four pages in length. All sources must be referenced, paraphrased and quoted material must have accompanying citation. References and citations must be in APA style.**

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