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Economics Chapter 1 Quiz
Question or Hint
Answer or Word
- scarcity when there are not enough resources to satisfy human wants
- trade-off the alternative people give up when they make choices
- production possibilities curve (PPC) a graph used by economists to show the impact of scarcity on a economy
- normative economics involves judgements of what economic behavior ought to be
- entrepreneurship involves the vision, skills, and risk-taking needed to create and run businesses
