Economics 1st Edition by Dean Karlan,Jonathan Morduch

Exercise 9

Think about how and why goods and resources are scarce. Goods and resources can be scarce for reasons that are inherent to their nature at all times, temporary or seasonal, or that are artificially created. Separate the goods listed below into two groups; indicate which (if any) are artificially scarce (AS), and which (if any) are inherently scarce (IS)
a. air of any quality _____
b. land _____
c. patented goods _____
d. original Picasso paintings _____