Suppose securitex is a small firm that has developed a new anti-theft device for automobiles. securitex currently sells its device online and earns profit of $1515 million per year. gm is considering installing securitex's system on its automobiles. the two firms first, however, must bargain over what price gm will pay securitex for its software. gm chooses how much to offer securitex for its system and then securitex chooses whether to accept the offer and install its system on gm's automobiles. the strategies and corresponding profits for gm (gm) and securitex (sx) are depicted in the decision tree to the right. profits are in millions, and gm's payoffs represent the additional profit it can earn on its automobiles with securitex's anti-theft system. what is the subgame-perfect equilibrium

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answer; career pathways;