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Economics (Scarity (having more wants than you can have based on the…
Economics
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trade-offs
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all consumers must, at one time or another, make decisions that involve trade-offs
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possibility graphs
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Law of Increasing Cost
Production Possibilities frontiers usually curve. As we travel along the curve, increasing Trade-offs take place that result in a decrease of in additional products
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Specialization
the act of focusing out time, talents, and resources preforming a small number of tasks rather than trying to everything ourselves.
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