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- The market system operates via prices. Discuss how through prices a finite resource like crude oil will never really be exhausted, which will then make that resource seem infinite.
- Discuss whether location is more or less important in the secondary sector activities in comparison with the tertiary sector activities.
- In I, Pencil, Leonard Read notes that one cannot find any trace of a mastermind in the creation of a pencil. “Instead, we find the Invisible Hand at work” he writes. Is that metaphor also why we then end up with uncoordinated economic activities negatively impacting the natural environment, and is that a good argument for why we should not pursue economic activities?
- Absurdistan’s population pyramids for the years 2000 and 2050 are provided below. (Age is represented on the Y-axis, and the population count in hundred-thousands is shown along the X-axis.) Based ONLY on the data provided in the graphics, what can you infer about the trends in fertility rates in those time periods? At what stage of the demographic transition will Absurdistan be in 2050?
