Principles of Economics
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1.	At its core, Economics is about.. individuals (consumers, firms) and governments making choices given scarce resources 2.	Trade-Offs	involve opportunity cost, the value of the best al- ternative given up 3.	Productive efficiency:	Productive efficiency: A situation in which a good or service is produced at the lowest possible cost 4.	a production possibili- ties frontier (PPF) 5.	centrally planned econo- my A production possibilities frontier (PPF) is a curve showing the ...