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4 Cards in this Set
- Front
- Back
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What is the basic economic problem? |
The issue of scarcity and how best to allocate and distribute scarce resources |
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What is scarcity? |
Scarcity means there is a finite supply of goods and raw materials |
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What does unlimited wants mean? |
That there is no end to the goods and services people would like to consume |
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What are the 3 fundamental questions? |
For whom to produce? What to produce? How to produce? |
