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Econ S.1

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What are two examples of goods and two examples of services?

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What are two examples of goods and two examples of services?

Goods are pens, hats, shoes, etc. Services are housekeeper, nurses, and teachers.

What is an example of the kinds of choices that a business would have to make because of scarcity?

A business will have to decide how much of an item to produce depending on demand

Use your own words to describe the trade off known as "guns or butter".

Guns or butter is the economic choice of choosing to produce domestic products or products for the military.

Why does every decision involve a trade-off?

Because you must give up one thing to get something else.

Give an example of physical capital.

Things like buildings, equipment, or computers.