Review Economics Today: The Micro View, Student Value Edition - Roger LeRoy Miller
Define economics. Explain briefly how the economic way of thinking—in terms of rational, self-interested people responding to incentives—relates to each of the following situations. See pages 2, 6—7. A student deciding whether to purchase a text- book for a particular class b. Government officials seeking more funding for mass transit through higher taxes c. A municipality taxing hotel guests to obtain funding for a new sports stadium Economics is the study of how individuals allocate limited resources to satisfy unlimited wants.
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