1(1)
Economics
Need vs. Want-
Goods vs. Services
Scarcity vs. Shortage
Factors of production- land, labor, capital
Physical vs. Human Capital
Entrepreneur-
1(2)
trade off
guns or butter
opportunity cost (best opportunity lost)
thinking at the margin (marginal analysis)
1(3)
production possibilities curve
production possibilities frontier
efficiency
underutilization
cost
law of increasing costs
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