Lesson Quiz 1 3 What Is Economics. How does free enterprise answer the three economic questions? Web in this video, we introduce the field of economics using quotes from the person that many consider to be the father of economics:
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What economics is who studies economics and what they do definitions of: Supply is limited because resources are limited. Web economics is the study of how people make choices about ways to use _______________ resources to fulfill their unlimited wants and needs. Services, need, want, producers, consumers, and scarcity. True risks and sacrifices economic growth. Define the three factors of production and the differences. How does free enterprise answer the three economic questions? Explain why scarcity and choice are the basis of economics. Web study chapter 1 what is economics (quiz 1) flashcards from maria gad's class online, or in brainscape's iphone or android app. Terms in this set (20) japan, with an aging population, has had difficulty replacing people with machines.
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