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Earn +20 ptsQ: Why is the idea of scarcity a starting point for thinking economically?
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Why is the idea of scarcity a starting point thinking economically?
Economics seeks to solve the scarcity problem, which exists because resources are limited whereas needs and wants are unlimited.
Who is impacted by the problem of scarcity?
Everyone is impacted by the problem of scarcity at some point in their lives. Some people face water scarcity for example.
A point outside a production possibilities frontier is?
A point outside a PPC shows the problem of scarcity. A point outside the Production Possibility Curve shows a combination that cannot be attained because sufficient quantity of resources are not available to produce them.
The usual starting point for preparing a master budget is forecasting or estimating?
forecasting
What is a logical starting point from which the study of international trade begins is?
the principle of comparative advantage
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