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Rapid Review: Fundamentals of Economic Analysis
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Fundamentals of Economic Analysis
Economics
The study of how
Firms
People
Socities
Use their scarce resources to best satifsy their unlimited material wants.
Resources
AKA factors of productions
Labor
Physical capital
Land/Natural Resources
Entrepreneurship
Scarcity
Imbalance
Limited productive resources
Unlimited human wants
Scarce resources imply
Individuals
Firms
Government
Faced with difficult choices involving
Benefits
Costs
Goods and services a society produces are scarce as well.