- Study guides, Class notes & Summaries

Economics - CORRECT ANSWERThe study of how societies manage their scarce resources. Approach - CORRECT ANSWER-Amoral (Positive economics (what is) vs. Normative economics (what should be)) -Model Based Scarcity and Choice - CORRECT ANSWER-Unlimited wants -Limited resources -Societies need to make choices What to produce/ how to produce/ distribution of production and income) Resources (What are the 3 factors of Production?) - CORRECT ANSWER1) Land (paid for via rent) 2) Labor (paid...