Changes

3.  Describe a few transaction costs associated with buying something.

3.  Describe a few transaction costs associated with buying something.

'''Spending time looking for a store that sells it, and then spending more time look for the store that sells it at the lowest price, and then spending and money traveling to the store to buy it.'''

'''Spending time looking for a store that sells it, and then spending more time look for the store that sells it at the lowest price, and then spending money and traveling to the store to buy it.'''

Intermediate: 4.  Give some examples of scarcity created entirely by man (rather than nature), such as a ticket on the maiden voyage of the Titanic.  Why do people create and emphasize scarce things?  Does the illusion of scarcity increase the price?  Does television prefer talking about scarce items?  Why?

Intermediate: 4.  Give some examples of scarcity created entirely by man (rather than nature), such as a ticket on the maiden voyage of the Titanic.  Why do people create and emphasize scarce things?  Does the illusion of scarcity increase the price?  Does television prefer talking about scarce items?  Why?