AP MacroEconomics UNIT 1 Exam Review with Answers
AP MacroEconomics UNIT 1 Exam Review with Answers 1. Scarcity - Answer>> Limited nature of society's resources. Example: OIL 2. Choice - Answer>> Human behavior to choose how to spend/use the world's scarce resources. 3. Trade Offs - Answer>> 1st Principle of Economics-the fact that people's choice results in losing one quality or aspect of something in exchange for a quality or aspect of another
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