History, 28.01.2021 18:40 youngaidan21

Section One - Scarcity and the Science of Economics 1. Explain the problem of scarcity and why even wealthy nations must contend with it.
2. Is scarcity caused by a shortage of money? What would happen to scarcity if the government decided to give everyone $1 million dollars? Explain your answer.
3. List the three basic economic questions that all societies must answer.
4. List the factors of production. Provide a description and an example of each.
5. Define economics in your own words.

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Section One - Scarcity and the Science of Economics 1. Explain the problem of scarcity and why even...

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