What is meant by scarcity of resources?

a.What is meant by scarcity of resources?

b.If there is no scarcity, then economics ceases to exist? Do you agree or disagree? If yes, explain. If no, explain.

After reading the headline of chapter 1 – Amcott Loses $3.5 Million;Manager Fired–Respond critically to the following discussion question. Please include the question (IN BOLD) followed by your response:

3.Do you know why Ralf was fired?

4) Does the market demand curve different from an individual demand curve? Does the market demand curve always slope downward to the right? If your answer is yes, discuss. If your answer is no, discuss.

5) Is there a difference between a movement along a demand curve and the shift of the demand curve? If yes, explain. If no, explain.  

6) Do managers always interested in the concept of consumer surplus? Discuss