What does scarcity have to do with the fact that people must make choices?
What will be an ideal response?
Scarcity implies that people cannot have everything they want. This implies that ways must be found to determine which of the many goods that people want will actually be produced. Further, since any person cannot have everything he or she wants, the person must decide which specific things to acquire. That is, the person must make choices.
Economics
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The second largest component of the federal government revenues is receipts from ________
A) corporate income tax B) excise tax C) social insurance tax D) value-added tax
Economics
Average fixed costs diminish continuously as output increases.
Answer the following statement true (T) or false (F)
Economics