econ 1.1 by Andrea Thacker https://padlet.com/86552/xtwapr8mg5j1 Made with charm en-us 2018-08-21 16:46:51 UTC 2018-08-28 13:54:42 UTC hello@padlet.com 1. Explain why money isn't a resource 86552 https://padlet.com/86552/xtwapr8mg5j1/wish/274361926 Money is not a resource because, even though we feel like it is something we need, and the society we live in has made it something we need, it is not actually rare, more money can be printed at any time and it does not have any use beyond the symbolic value that we have given it. Basically, what I am saying is, money does not grow on trees, and all of its value only exists because we say it does.
 
]]> 2018-08-21 16:47:35 UTC https://padlet.com/86552/xtwapr8mg5j1/wish/274361926 2. Summarize what Economic Capital means 86552 https://padlet.com/86552/xtwapr8mg5j1/wish/274364114 Economic capital is the amount of capital (money, tools, equipment, machinery, factories) needed to ensure that a company will stay in order despite the risks they are taking 
]]> 2018-08-21 16:54:03 UTC https://padlet.com/86552/xtwapr8mg5j1/wish/274364114 3. Explain how resources can be used to solve the economic problem of scarcity 86552 https://padlet.com/86552/xtwapr8mg5j1/wish/274369261 The economic problem of scarcity is when there is not enough of a certain good/service to meet the demand. This can be solved by more raw materials or labor being used to create more of the specific good or service that is scarce
]]> 2018-08-21 17:11:05 UTC https://padlet.com/86552/xtwapr8mg5j1/wish/274369261 86552 https://padlet.com/86552/xtwapr8mg5j1/wish/275869394 2018-08-28 13:54:42 UTC https://padlet.com/86552/xtwapr8mg5j1/wish/275869394