GCU ADM614 Week 1 Discussion (dq1+dq2)

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ADM 614 Economics for Public Administrators

Week 1 Discussion

DQ1 The economic way of thinking requires administrators to incorporate eight principles. One of the principles relates to “tradeoffs” and another principle relates to “opportunity costs” for scarce resources. Describe how public administrators must make trade-offs by assessing opportunity costs relating to scarce resources.

DQ2 Explain how scarcity and poverty are different. Give examples to support your reasoning.

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