Problem 1: Explain the differences between shortages and scarcity. In answering this question you should consider the difference between the short run and the long run in economic analysis.
Problem 2: Briefly list and elaborate on the factors that will be affecting the supply of the following products in the next several years. Do you think these factors will cause the supply to increase or decrease?
a) Crude oil
b) Beef
c) Computer memory chips
d) Hotel rooms
e) Fast food outlets in emerging markets
f) Credit cards issued by financial institutions
g) Laptop computers
h) PC servers