These Economics W.I.R.E.D. activities recommend web links that relate to key concepts of each chapter of the textbook. For each link, there are instructions to guide you to specific information, followed by several discussion questions or exercises.

Key Concepts: Scarcity and Choice for Individuals, Scarcity and Choice for the Economy as a Whole, Market Economies and the Price System

eLuxury.com

Go to the "Gift Finder" category at the top of the screen and select "Over $2500" value in the "Price Range" box. Click on "GO" to review the featured gift items.

• Would any "rational" individual with "unlimited wants" refuse a gift of this kind? Why not?
• What prevents you from having this watch or that necklace?
• Is there a conflict over "scarcity"? How would you resolve this conflict?

The Heritage Foundation—Index of Economic Freedom

Click on "View Scores" to list the current ranking of 161 countries based on how "freely" their economies operate in terms of utilizing prices, protecting property rights, and conducting trade.

• Which economies score relatively high in their index of economic freedom?
• Explain why there seems to be a "positive" relationship between high levels of economic freedom and achieving a high standard of living (e.g. wealth).