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Chapter One

Chapter One Review

QuestionAnswer
The economic term SCARCITY is most often used to refer to the condition of limited resources and unlimited wants
The term OPPORTUNITY COST is best described as something that a person gives up when a choice is made
To an economist, factors of production are also called inputs
In a system of voluntary exchange, people freely trade for the goods and services they need or want
The decision to convert a piece of farmland to city housing represents a choice to allocate scarce resources to another us
Created by: meriwetw
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