10 min read
This study guide covers the fundamental concepts of microeconomics, including: scarcity, resource allocation, economic systems, the Production Possibilities Curve (PPC), comparative advantage and trade, cost-benefit analysis, and marginal analysis and consumer choice. It emphasizes key terms like opportunity cost, factors of production, and utility, and provides practice questions with explanations.
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Question 1 of 12
Which of the following scenarios best illustrates the concept of scarcity? 🤔
A bakery produces more bread than it can sell
A person wants a new car but can only afford a used one
A company finds a new and abundant source of raw materials
A country has a large workforce