ECON 1BB3 CHAPTER 1.docx - Question Answer Where does the...

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Question Answer Where does the word "Economy" come from? "Economy" comes from the Greek word for "one who manages a household." Why do we need to manage a household
What is Scarcity? The limited nature of society's resources.
What is Economics?
What do economists study?
What is the first
Describe the saying about tradeoffs: "There ain't no such thing as a free lunch." What is Efficiency?
What is Equity?

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