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Economics > Topic 1.4 Scarcity, Choice And Allocation Of Resources > Flashcards

Topic 1.4 Scarcity, Choice And Allocation Of Resources Flashcards

1
Q

What is the basic economic problem?

A

Scarcity.

Unlimited wants and needs, but resources are finite.

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2
Q

What is opportunity cost?

A

Opportunity cost is the next best alternative

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Economics (11 decks)

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