Question: What do you think would happen to our idea of
What do you think would happen to our idea of the basic economic problem if we discovered a natural resource that could reproduce itself any number of times and could be transformed by labor into any good or service? Before answering, make sure you understand what the basic economic problem is.
Answer to relevant QuestionsWhat is economics? Why is economics considered one of the social sciences? What are some of the other social sciences? What do social scientists study? Many economists in the spring of 2008 predicted that the recession would end in six months. They were dead wrong. It continued well into 2010. Is it fair to dismiss them as being "less than adequately trained"? Or perhaps ...Explain the difference between absolute and comparative advantage. Immigration is a hot political issue these days. What arguments can an economist make to support a liberal policy of immigration? What arguments can he or she make to oppose immigration? Suppose the U.S. allows neighboring economies to enter our slipper market. Draw a graph showing the probable effects of their entry on price and quantity of slippers demanded and supplied in the United States.
Post your question