Please answer this question 1. Explain why scarcity and choice are thebasis of economics.2. Describe what entrepreneurs do.3. Define the three factors of productionand the differences between physicaland human capital.4. Explain how scarcity affects the factorsof production.

Due to scarcity of resources, only a limited amount of services and goods could be produced in an…

Answered: Explain why scarcity and choice are the…

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Economics

Explain why scarcity and choice are the basis of economics.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 13RQ: Explain why societies cannot make a choice above their production possibilities frontier and should...

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Please answer this question

1. Explain why scarcity and choice are the
basis of economics.
2. Describe what entrepreneurs do.
3. Define the three factors of production
and the differences between physical
and human capital.
4. Explain how scarcity affects the factors
of production.

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