Scarce Resources

Read: THE POTLATCH AS FRACTIONAL RESERVE BANKING1. In your own words , what are the 3 most important concepts, ideas or issues in the reading? Briefly explain why you chose them.Concept 1 (In your own words) (2 marks):Concept 2 (In your own words) (2 marks):Concept 3 (In your own words) (2 marks):2. What are 2 concepts, ideas or issues in the article that you had difficulty understanding, or that are missing but should have been included? In your own words, briefly explain what you did to correct the situation (e.g. looked up an unfamiliar word or a missing fact), and the result. Cite any sites or sources used in APA format.Issue 1 (In your own words) (1 mark):Citation 1 (in APA format) (1 mark):Issue 2 (In your own words) (1 mark):Citation 2 (in APA format) (1 mark)3. What is the main economic story of the reading? (Economics studies the allocation of scarce resources.)Story (In your own words) (2 marks):For more information on Scarce Resources check on:https://en.wikipedia.org/wiki/Scarcity