Various
1. Which of the following are economic goods? Explain why each is or is not an economic good: steaks, houses, cars, garbage, and t-shirts. According to the book “scarcity of something means that there is not enough of that item to satisfy everyone who wants it; it means that if a good has no cost, that is, at a zero price, the amount of the good that people want is greater than the amount that is available. Anything for which this condition holds is called an economic good. An economic good refers to goods and services.” This means that steaks, houses, cars, and t-shirts. It means that if all of these items were to become free tomorrow there would not be enough to go around because most people would want these items. Garbage would not be an economic good it would be called an economic bad. An economic bad is something that people would pay to have less of. 2. Why do we often find women and men’s restrooms next to one another? Give me an example you have run into where the supply and demand for the restroom did not match. For example, have you been to any sporting events or rock concerts and had everyone go to the restroom all at the same time before? In thinking about this question I really had a hard time with why this would be.