7 min read
This AP Macroeconomics study guide covers fundamental economic concepts including scarcity, opportunity cost, and trade-offs. It differentiates between micro and macroeconomics, focusing on the latter. The guide also explains factors of production, various economic systems, and interpreting production possibilities curves. Finally, it provides practice questions and exam tips.
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Question 1 of 14
What is the fundamental economic problem that all societies face? 🤔
Unlimited resources and unlimited wants
Limited resources and limited wants
Unlimited wants and limited resources
Balancing trade-offs and opportunity costs