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ECON-105-Hw 1-Economic Study
ECON-105 Microeconomics
Answers and Explanations for the following questions:
1)	 Explain the basic ideas of microeconomics. 
2)	Explain what “economics” means from the perspective of the individual, a business, and society. 
3)	Explain the concepts of scarcity, economic value, and opportunity costs.
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ECON-105 Microeconomics
Answers and Explanations for the following questions:
1)	 Explain the basic ideas of microeconomics. 
2)	Explain what “economics” means from the perspective of the individual, a business, and society. 
3)	Explain the concepts of scarcity, economic value, and opportunity costs.