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The Fall of Humanity

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Running Head: THE FALL OF HUMANITY ASSIGNMENT 1

The Fall of Humanity Assignment
Elayna Witte
Taccoa Falls College

Witte
Running Head: THE FALL OF HUMANITY ASSIGNMENT 2
Abstract
In this paper, I will be researching and writing about economics. I will be answering and explaining the following statements and questions: 1. Explain why things are scarce. 2. What is a free good? Can you give an example? 3. What is a resource? Identify and explain the four major categories of resources. 4. What is economics about?
I hope to give in-depth explanations and have thorough research completed for this paper about economics. My methods include reading articles to obtain information to write this paper, and having accurate conclusions that correspond to the research.
Thank-you.

Witte
Running Head: THE FALL OF HUMANITY ASSIGNMENT 3 Explain why things are scarce. Things are scarce because nothing is unlimited. Everything comes to an end whether we want it to or not. The problem is that, although your wants, or desires, are virtually unlimited, the resources available to satisfy these wants are scarce. (1) Fact is, every time you seek to have one of your wants or desires fulfilled, scarce resources are required to do so. Whether that resource be natural resources, knowledge, time - it will always run out. What is a free good? Can you give an example? A free good is a good with zero opportunity cost.

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