That people have ______________ of them than they would...

This preview shows page 1 - 2 out of 2 pages.

8/25/2016 ECON 101: Scarcity and Choices Flashcards | Quizlet ECON 101: Scarcity and Choices 19 terms by sarhamanninq Virtually all resources are scarce, meaning
­101­scarcity­and­choices­flash­cards/ 1/2 decision maker, whatever those objectives may be. Everyone does best when each person (or each country) specializes in the activities for which their opportunity cost is lowest comparative advantage
that people have ______________ of them than they would like. Therefore, choices must be made among a
___________________ set of possibilities. Having __________ of one thing usually means
having less of another. The principle of increasing costs states that
as the _____________ of a good expands, the ______________ of producing another unit generally increases. Economists define efficiency as the ____________
of ___________. What are the three types of resources?
These are the instruments provided by
nature or by people that are used to create goods and services. This best serves the objectives of the

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture