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Decision-making is central to economics because:
Scarcity is described by which of the following statements?
(i) Scarcity exists in a decision to go out for a free lunch.
(ii) Scarcity exists if there are more uses for resources than can be satisfied at one particular point in time.
(iii) In traditional economic systems, where groups share resources, scarcity does not exist because people help each other.
Any person or organisation that uses resources to create goods and services is termed a:
Jack has to choose one of four alternatives, T, X, Y or Z. He prefers Z to either X or Y. For Jack, the opportunity cost of choosing T is:
In what sense is the city mission for the homeless and a firm that sells clothes similar?
What economic concept suggests that, usually, to have more of A we have to have less of Y?
If a person who was out of work found a job, the opportunity cost is:
A TV used by a film studio is a:
The fundamental concern of economics is:
The work of a mechanic or doctor is termed a:
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