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Definitions/Info

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Question
Answer
Three Central Problems for economy to solve?   show
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show The goods available are too few to satisfy individuals desires (having limited resources but wanting more)  
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show Scarcity  
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show Positive ~ is a fact; uses "is" in statements Normative ~ a opinion/judgment; uses "should in statements"  
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What is economics?   show
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What creates a change in quantity demanded ?   show
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show a cost already incurred and can't be recovered  
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