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Unformatted text preview: Textbook Definition of Economics-Economics is the study of how individuals and society, experiencing virtually limitless wants, choose to allocate its scarce resources to satisfy these wants Reffs Quick Definistion-Economics : unlimited wants, individuals and societies chose to allocate their scarce resources to satisfy wants.-Economics= Scarcity= Wants > Available Resources Scarcity is when Wants > Resources (Unlimited) (Limited) Resources are limited. Cost can be a social, emotional, jealousy, and monetary cost. 1 Scarce Resources Payment for Resource 1. Land Rent/Mortgage 2. Labor Wage/Salary/Tips/Commissions 3. Capitol Interests/Dividends 4. Entrepreneurship Profits/Losses 5. Time In Debate. What Do you Think??? 2...
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This note was uploaded on 02/25/2010 for the course ECON 211 taught by Professor Staff during the Spring '08 term at VCU.
- Spring '08
- Opportunity Cost