puilderSECTION 1 AssessmentREVIEWING KEY CONCEPTSECONORhat1. Explain the relationship between the terms in each of these pairs:c. factors of productionentrepreneurshipofa. wantsb. consumerscarcityproducer2. What is the difference between needs and wants? Explain how aneed may also be a want.3. How does scarcity affect consumers? Producers?

Answered: 1. Explain the relationship between the…

1. Explain the relationship between the terms in each of these pairs: c. factors of production entrepreneurship a. wants b. consumer scarcity producer

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 3PA

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puilder
SECTION 1 Assessment
REVIEWING KEY CONCEPTS
ECONOR
hat
1. Explain the relationship between the terms in each of these pairs:
c. factors of production
entrepreneurship
of
a. wants
b. consumer
scarcity
producer
2. What is the difference between needs and wants? Explain how a
need may also be a want.
3. How does scarcity affect consumers? Producers?

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