Recycling center
Suppose you go to a recycling center and are paid 25 cents per pound for your aluminum cans. However, the recycler charges you $.20 per bundle to accept your old newspapers.
Expert
The equilibrium price of aluminum cans is not only higher than that for newspapers, but the price of newspapers is actually negative, meaning that the demand is very low relative to the supply. The demand at a negative price and consumers pay is so low that the equilibrium quantity is to have the papers “purchased.” Nevertheless, confusing idea will probably confuse students and is probably not worth mentioning unless a student raises the issue.
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In Wealth of Nations by Adam Smith, opined that the productivity of labor based primarily on: (w) workers’ education. (x) divisions of labor. (y) technologically advanced machines. (z) suitable wage rates. Q : Goods and services are scarce because Explain: “Goods and services are scarce because resources are scarce.” Analyze: “It is the nature of all economic problems that absolute solutions are denied us.”
Explain: “Goods and services are scarce because resources are scarce.” Analyze: “It is the nature of all economic problems that absolute solutions are denied us.”
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