Scenario: Jane, age 16, buys a motorbike from Carl’s Cycle Shop for $400 in January 2015. She used it for a month and then signed a paper in February stating that she ratified the contract with Carl. Jane continues to use the bike for three more months before taking it back to Carl’s Cycle Shop in May claiming it was too slow and she just did not like riding anymore. Jane demanded the return of her $400, even though she had worn down the tires and tore the seat. According to the majority view, explain whether Jane can get her money back from Carl without accounting for the wear and tear on the motorbike? According to the modern view, explain what is likely to happen? Question Prompt: Within your answer, identify the rules of law associated with (a) a minor’s ability to enter into a contract, (b) a minor’s ability to disaffirm a contract, and (c) a minor’s obligations upon disaffirmance.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

in terms of experimental research, mcdonald’s charging different prices in the two cities relates to

750 h and costs $0.60 per bulb.

borrow money from the government then pay the government back 5k