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Define Economics
How to best use teh scare resources to sastify unlimicted human wants.
Define MicroEconomics
How companies makes the best decissons to use scare resources ro satasify unlimited human wants.
Whats the Problem and solution of Economics
Scarcity of recsours and Effiecency.
4 Economic resources
Labor, Capital, Land, Entrepreneurial abaility
Define Oppurnity Cost
Whatever you gove up to obtain something