Final answer:
The example of a barber not being able to store haircuts for later sale exemplifies an economic principle related to the non-storability of services. In a moneyless world, the exchange of goods and services like groceries and clothing becomes complex without a bartering system. Additionally, diminishing marginal productivity in a barbershop illustrates how too many workers can lead to decreased efficiency.
Step-by-step explanation:
The impossibility of a barber storing haircuts for later sale is an example of an economic principle, specifically that services such as haircuts are non-storable and non-transferable. This characteristic of services means that they cannot be saved, stored, or resold because they are consumed at the point of sale and are often customised to the individual consumer. For a barber in a world without money, it would be particularly tricky to obtain groceries, clothing, and a place to live because these items require some form of exchange, and without a bartering system or money, it would be difficult to assign and exchange value. Furthermore, the concept of the social contract involves individuals accepting moral and political obligations as part of society, which can influence personal and business behaviors, such as a barber providing haircuts.
In economics, there is the principle of diminishing marginal productivity. This occurs when a point is reached in production where the addition of further units of labor results in less than proportionate increases in output. In the case of a barbershop, this can be seen when additional barbers start to interfere with each other's work, potentially leading to negative returns.