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the sentence. Not all key concepts will be used. And post answers below:
1
is the fundamental economic problem. It arises
are limitless, while resources
buys and what
makes. It affects what is produced, how it is
produced, and who gets what is produced. It affects
how the four 5
are put to use.
Since people cannot have everything they
want, they have to make choices. Every choice,
however, involves a 6
, something you have to
give up to get what you want. When making an
economic decision, you need to consider the 7_
the value of the thing you gave up.
Economists often use an 8
representation of reality, to clarify
Economists use such tools in 9
economic behavior of individual persons, families,
, the study of the
1
because human 2
are limited. It affects what a 3
a 4
1
resources are put to full use.
Answers:
1.
2.
a simplified
concepts.
_, the study of the
1
and businesses, and in 10_
economy as a whole.
One useful model, the 11
shows the
19
maximum amount of goods that an economy
can produce. It also shows 12_
when not all resources are put to full use (economics)