1. What determines whether or not a resource is scarce? Why is the concept of scarcity important to the definition of economics .

2. Discuss the impact of rational self interest on each below:

Whether to attend college ft or work full time

Whether to buy a new text book or used

Whetere to attend a local college our out of town

3. Marginal analysis

The owner of a small pizzeria is deciding whether to increase the radius of delivery area by one mile. What condierations must be taken into account if such decision is to increase profitability

4. Sunk Cost and Choice

You buy an expensice meal and are full after eating half but decide to eat it. What is wrong with cleaning your plate afterall you paid for it?

5. Opportunity cost

You can spend spring break working for $80 per day or go to Flordia for the week. Staying home will cost you 100.00. Going to FL will be about 700. Whats the opporutunigy cost for going to FL?

6. Specialization

Provide examples of specialized markets or retail outlets. What makes the web so conducive to specializtioan?