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Econ ch1
NA
5
Economics
Graduate
09/21/2010

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Term
Economics is
Definition
the study of how people choose to use their scarce resources to attempt to satisfy their unlimited wants.
Term
Scarcity means
Definition
the goods available are too few to satisfy individuals’ desires
Term
The Three Basis Questions Economics Answers
Definition
What to produce? How much to produce?
How to produce it?
For whom to produce it?
Term
Opportunity cost is
Definition
the benefit forgone of the next-best alternative to the activity you have chosen
Term
Sunk cost is
Definition
the costs that you have already been incurred and cannot be recovered
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