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Scarcity & Choice
Chapter 1 section 2 vocabulary
Fundamental economic problem facing all societies that results from a combination of scarce resources and people's virtually unlimited wants
To distribute resources in order to satisfy the greatest number of needs and wants.
the quantity of goods and services produced from each unit of labor input
Using resources in such a way as to maximize the production of goods and services.
division of labor
Division of work into a number of separate tasks to be performed by different workers
the development of skills in a specific kind of work