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Econ Ch 1 Terms
Ch 1 Terms
4
Economics
Undergraduate 1
01/15/2012

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Term
Scarcity
Definition
A situation in which unlimited wants exceed the limited resources available to fulfill these wants.
Term
Economics
Definition
The study of the choices people make to attain their goals given their scarce resources.
Term
Economic Model
Definition
A simplified version of reality used to analyze real world economic situations.
Term
Market
Definition
A group of buyers & sellers of a good or service and the institution or arrangement by which they come together to trade.
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