Think about how and why goods and resources are scarce. Goods and resources can be scarce for reasons that are inherent to their nature at all times, temporary or seasonal, or artificially created. For each of the following goods and resources, indicate whether the good is artificially scarce, inherently scarce, scarce on occasion, or not scarce.
a. Holiday lights in mid-December: (Click to select)Artificially scarceScarce on occasionNot scarceInherently scarce.
b. Air regardless of quality: (Click to select)Inherently scarceArtificially scarceScarce on occasionNot scarce.
c. Land: (Click to select)Scarce on occasionInherently scarceNot scarceArtificially scarce.
d. Patented goods: (Click to select)Scarce on occasionNot scarceArtificially scarceInherently scarce.
e. Original Picasso paintings: (Click to select)Inherently scarceArtificially scarceNot scarceScarce on occasion.
Think about how and why goods and resources are scarce. Goods and resources can be scarce for reasons that are inherent to their nature at all times, temporary or seasonal, or artificially created. For each of the following goods and resources, indicate whether the good is artificially scarce, inherently scarce, scarce on occasion, or not scarce.
a. Holiday lights in mid-December: (Click to select)Artificially scarceScarce on occasionNot scarceInherently scarce.
b. Air regardless of quality: (Click to select)Inherently scarceArtificially scarceScarce on occasionNot scarce.
c. Land: (Click to select)Scarce on occasionInherently scarceNot scarceArtificially scarce.
d. Patented goods: (Click to select)Scarce on occasionNot scarceArtificially scarceInherently scarce.
e. Original Picasso paintings: (Click to select)Inherently scarceArtificially scarceNot scarceScarce on occasion.
