The document discusses key concepts in economics including:
- Economics is the study of how scarce resources are allocated among unlimited wants
- People have unlimited wants but limited resources, so they must make choices
- Scarcity means not enough resources are available for free and can lead to shortages
- Poverty occurs when people do not have enough income to obtain scarce goods
- Resources (land, labor, capital) are used to produce goods and services
- Microeconomics studies individual parts of the economy while macroeconomics looks at aggregates and the whole economy
8. Resources in Production Producers of Goods Resource Suppliers land labor capital rent wages interest
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Notes de l'éditeur
Absence of poverty implies some basic level of need has been met. An absence of scarcity would imply that all of our desires for goods are fully satisfied. We may someday eliminate poverty, but scarcity will always be with us.
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