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Intro to Econ
Question or Hint
Answer or Word
- scarcity when there are not enough resources to satisfy human wants
- trade-off alternative people give up when they makechoices
- Production Possibilities Curve a graph used by economist to show the impact of scarcity on an economy
- normative economics invokes judgment of what economic behavior ought to be
- entrepreneurship involves the vision, skills, and risk taking needed to create and run businesses
