Vocab for Quiz #1
Wants
Needs
Scarcity
- three questions of scarcity
economics
factors of production
- land
- labor
- capital
- entrepreneurship
incentives
utility
economize
trade-off
opportunity cost
cost-benefit analysis
marginal cost
marginal benefit
microeconomics
macroeconomics
positive economics
normative economics
economic systems
- traditional
- command
- market
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