Chapter One Word Scramble
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| Question | Answer |
| 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 |
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meriwetw
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