would a carpenter do in a similar situation?

27. Why do you think that most modern countries’ economies are a mix of command and market types?

28. Can you think of ways that globalization has helped you economically? Can you think of ways that it has

not?

Access for free at openstax.org
Choice in a World of Scarcity

2

FIGURE 2.1 Choices and Tradeoffs In general, the higher the degree, the higher the salary, so why aren’t more

people pursuing higher degrees? The short answer: choices and tradeoffs. (Credit: modification of "College of

DuPage Commencement 2018 107" by COD Newsroom/Flickr, CC BY 2.0)

CHAPTER OBJECTIVES

In this chapter, you will learn about:

• How Individuals Make Choices Based on Their Budget Constraint

• The Production Possibilities Frontier and Social Choices

• Confronting Objections to the Economic Approach

Introduction to Choice in a World of Scarcity

BRING IT HOME
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