Economics chapter 1

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Last updated 10:06 AM on 6/16/26
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4 Terms

1
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Define scarcity

Scarcity exists because resources are limited while wants are unlimited.

2
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Define opportunity cost

Opportunity cost is the next best alternative given up when making a choice.

3
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What is economics

Economics is the study of of how people manage scarce resources with unlimited wants.

4
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What are the Factors of production

The factors of production are the resources used to produce goods and services.