Economics

Economics
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  • Yesterday we learned about economics, the branch of knowledge concerned with the production and transfer of wealth, I wonder what we will learn today
  •  A shortage is a state or situation in which something needed cannot be obtained in sufficient amounts.
  • And a scarcity is a naturally occurring limitations on resource that cannot be replenished 
  • One of the factors of production is human capital, the skills, knowledge, and experience possessed by an individual or population
  • An opportunity cost is the loss of potential gain from other alternatives when one alternative is chosen.
  • A pros and cons list shows the good and bad of every sitution
  • A table used to evaluate alternatives based on criteria for the purpose of making a decision.
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