Flashcard Set Preview
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| 1 |
What is Economics?
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The study of how people make choices from limited resources (because of scarcity) to meet their...
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What is Scarcity?
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The condition of not being able to have all goods and services that wee want.
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What is a Choice?
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What someone must make when faced with twoo or more alternatives.
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What is a Need?
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Something we have to have in order to survive.
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What is a Want?
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Some thing we would like to have, but is not necessary for survival.
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