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Unit I: Basic Economic Concepts What is Economics in General? Economics is the study of _________. Economics is the science of scarcity. Scarcity is.
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Key Market 3pdf
UNIT 1: Basic Economic Concepts SOCIETY HAS VIRTUALLY UNLIMITED WANTS... The Economizing Problem… Scarcity BUT LIMITED OR SCARCE PRODUCTIVE RESOURCES!
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Standard SSEF1 a. Define scarcity as a basic condition. d. Define opportunity cost as the next best alternative.