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100 Economics Terms
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Scarcity
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the limited nature of society's resources
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polkadottedturkey
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Terms in this set (100)
Scarcity
the limited nature of society's resources
Economics
the study of how society manages its scarce resources
Efficiency
the property of society getting the most it can from its scarce resources
Equity
the property of distributing economic prosperity fairly among the members of society
Opportunity cost
whatever must be given up to obtain some item
