3. The market for electronic textbooks Consider the market for new economics textbooks. The following graph shows the demand curve for new textbooks. Suppose that the
publisher issues a new edition every four years and that a printed copy of the new 2018 textbook sells for a retail price of $140.
On the following graph, use the black point (cross symbol) to indicate the point on the demand curve at $140. (Note: Dashed drop lines will
automatically extend to both axes.) Then answer the question that follows.
?
The market for new economics textbooks (Print only)
200
180
160
Demand
140
+
per copy)
120

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

answer; institution based;

answer the amount a seller is paid minus the cost of production;