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Define economics. explain briefly how the economic way of thinking-interms of rational, self interested people responding to incentives- relates to...
Define economics. explain briefly how the economic way of thinking-interms of rational, self interested people responding to incentives- relates to each of the following situations.
a. A student deciding whether to purchase a textbook for a particular class.
b. Government officials seeking more funding for mass transit through higher taxes.
c. A muncipality taxing hotel guests to obtain funding for a new sports stadium.
1-2. Some people claim the "economic way of thinking" does not apply to issues such as health care. Explain how economics does apply to both a low-income household and a middle-income household? Can the same phrase be applied to very high-income household?
