Scarcity - Answer society has limited resources and therefore cannot produce all the goods and services people wish to have



Economics - Answer The study of how society manages its scarce resources, in attempt to satisfy unlimited wants



Ten Principles of Economics - Answer 1. People face trade-offs

2. The cost of something is what you give up to get it

3. Rational people think at the margin

4. People respond to incentives

5. Trade can make everyone better off

6. Markets are us...
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