Chapter 1-Scarcity, Choice, and Opportunity Cost
Chapter 1-What is Economics? Section 1—Scarcity and Factors of Production. Economics- the science that studies how people seek to satisfy their needs + wants by making choices. Economics is divided into 2 branches: Microeconomics- deals w/ human behavior and choices as they relate to small units- an individual, a business firm, a single market ................
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