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3 cards from this section. Quick, good the night before a test.
Define the term 'economics'.
Think about how we make choices.
What is a 'need'?
Consider examples like food or shelter.
What is economics primarily concerned with?
Think about the main goals of the subject.
True or False: Scarcity means that there is an unlimited supply of resources.
Consider how resources are used.
Discuss how scarcity can lead to conflicts in resource allocation among different societal groups.
Consider historical examples of resource conflicts.
How can understanding opportunity cost help businesses in making production decisions?
Think about decisions that businesses face daily.
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