macro 1 - wants Resources Resources- the inputs, or factors...

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The Economic Problem: Scarce Resources, Unlimited Wants The problem is that, although your wants, or desires, are virtually unlimited, the resources available to satisfy these wants are scarce. Economics- the study of how people use their scarce resources to satisfy their unlimited
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Unformatted text preview: wants Resources Resources- the inputs, or factors of production, used to produce the goods and services that people want; resources consist of labor, capital, natural resources, and entrepreneurial ability...
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This note was uploaded on 09/13/2010 for the course 220 103 taught by Professor Sheflin during the Fall '09 term at Rutgers.

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