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Econ 102 Final Exam ISU Questions and Answers 100% Solved
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Econ 102 Final Exam ISU Questions and Answers 100% Solved Economics ️️a social science that seeks to understand how humans make decisions in the face of scarcity Scarcity ️️One word- Limits factors of production ️️land, labor, capital Division and specialization of labor ️️the process in which workers select specialized tasks to make a product Specialization ️️when workers or firms focus on particular tasks for which they are wellsuited within the overall production process Adam Smith, The Wealth of Nations ️️people work for money not kindness of their heart Economies of Scale ️️As the level of production increases, the average cost of producing each individual unit declines Example ️
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