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In economics, choices are necessary because of the presence of
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Scarcity.
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Economics is the study of
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How to allocate resources to satisfy wants and needs.
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The need to study economics would cease to exist if
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there were enough resources to produce all the goods and services people would like to obtain.
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Microeconomics is the study of
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Individual decision making units.
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An example of a direct positive incentive is
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Providing a commission for sales.
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The government has been trying to encourage the use of fuel-efficient cars. One way it has been doing this has been by allowing fuel-efficient cars to use a separate highway lane. This encourages people to use fuel-efficient cars because
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Those who place a high value on their scarce time may be encouraged to buy a fuel-efficient car to take advantage of the speedier separate highway lane.
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Economics is concerned with the trade-offs that emerge because of scarcity. The term "trade-offs" refer to
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The alternatives given up when making choices.
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Opportunity cost is the ________ alternative forfeited when a choice is made.
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Highest-valued
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Instead of taking an economics course, you could have taken a history course that meets at the exact same time. The total cost of taking the economics course would be
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The tuition cost, the cost of the textbook and notebook, and the fact that you could not take the history course at the same time.
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Who benefits from voluntary trade?
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Buyers and sellers.
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