1.List some economic variables/items that are scarce? Why, or why not are they scarce? Can you think of anything that can be bought/sold/traded (economic goods) that are not scarce? How do you think scarcity impacts your economic choices? As part of your response and explanation, include the definitions of all economic terms as you understand them.
2.Brainstorm common items that you think national economies pay too much for or that you think are overpriced (i.e. oil, social welfare programs, infrastructure, etc.). Describe the item and how it is used and might influence the macroeconomy.
Choose one item/service to write about, then use the principles you’ve learned about (like scarcity, opportunity cost, rationality, and marginal analysis) to explain why a government would make the decision to purchase that good/service.