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AP Microeconomics - Introduction to Economics

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Define scarcity.

The idea that humans have infinite wants but limited resources

What is microeconomics?

The study of small economic units such as individuals, firms, and markets

What does "allocate" mean in terms of economics?

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Institution Junior / 11th grade
Course Microeconomics

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1.1: Introduction to Economics -- Scarcity

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AP Microeconomics notes from Unit 1, Section 1: These notes cover the fundamentals of economics and scarcity. We'll dive into key economic assumptions, types of economics, the factors of production, and productivity.

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