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Scarcity and Trade-offs (Trade-offs (Resources are limited, meaning we…
Scarcity and Trade-offs
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Resources
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Amounts
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Example: Gold is a scarce resource, and Apple is inserting small amounts of this resource into their products and reusing them to make it cheaper.
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Trade-offs
Resources are limited, meaning we must make decisions/chocies
All trade-offs must be made, good or bad ones
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Example: People decide what they would rather have for breakfast, cereal or peanut butter toast
Producers and Consumers
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Example: As oil gets more scarce, the prices go up and it becomes harder for producers to produce and consumers to consume
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