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Economics Chapters 1 and 2 Flashcards | StudBud

Explore/Economics Chapters 1 and 2

What factors create the "invisible hand"?

Scarcity is

Economics Chapters 1 and 2

4 terms·StudBud Administration

economics basics

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Questions 4

Answers

1
Scarcity is
trying to meet unlimited wants/needs with limited resources
generosity
not having enough
meeting only needs
2
What factors create the "invisible hand"?
businesses and hospitals
competition and self-interest
money and ipads
incentives and efficiency
3
Economics is the study of
money
lots of boring stuff
how people buy things
how people make choices to satisfy their wants
4
Trees are an example of
land
entrepreneurship
labor
capital