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Chp 1 Economics
Chp 1 Economic
| Question | Answer |
|---|---|
| Economics | the study of how people seek to satisfy their needs and wants by making choices |
| Scarcity | A limited quantity of resources to meetunlimited wants |
| shortage | When producers will not or cannot offer goods or services at the current price |
| Capital | human made resources that are used to produce other goods and services |