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Scarcity and the Factors of Production Ch.1-1

Scarcity and the Factors of Production Ch.1-1. What is economics? How do economists define scarcity? What are the three factors of production?. What Is Economics?. Three Approaches 1) Cost vs. Benefits Analysis 2) A way to predict the future or explain the past without value judgments.

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Vegetable oil labor - PowerPoint PPT Presentation

Scarcity and the Factors of Production Ch.1-1