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5 Cards in this Set
- Front
- Back
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TINSTAAFL
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"THERE IS NO SUCH THING AS A FREE LUNCH"
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What are the four categories of The Scope of Economics?
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Description, Analysis, Explanation, Prediction
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Limited resources vs. unlimited wants/needs
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Scarcity
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Factory equipment, bakery ovens, high school computers
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Capital (Physical) goods
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What is the answer to the Paradox of Value?
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Something must have UTILITY in order to have VALUE
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