1. What is scarcity? 2. What two characteristics make something scarce?
3. What is an example of a scarce land resource?
4. What is the typical relationship between scarcity and price?
5. What is the difference between scarcity and a shortage of a good/service?
6. Provide an example for each of the four productive resources (factors of production).
7. What risks do entrepreneurs take when starting a business?
8. What is the primary factor that influences entrepreneurs to take risks?
9. What other factors influence entrepreneurs to take risks?
10.What is opportunity cost?

Agraduate student wants to examine the effect of print media versus televised media on individuals’ position on several social issues. the superintendent of a local work release facility, a family friend, will allow the graduate student access to the prison population to her quickly accrue subjects. the student’s irb should: approve this project since the risk appears to be no > minimal.not approve this project because the prisoners are merely a population of convenience for the student.approve this project since the superintendent is the ultimate authority on what happens in his facility.approve this project but submit it for federal review.