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Flashcards in Scarcity Deck (4)
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1
Q

economics

A

based on satisfying unlimited wants and needs with scarce resources

2
Q

scarcity

A

our wants and needs are unlimited. however, our resources (money, time, land) are limited

3
Q

all resources are limited. Which of the following is NOT a resource?

A

interest rates

4
Q

note

A
  • if we desire more of something than we can have
  • human desire is infinite
  • resources
  • a want is a non-essential thing that we desire