1 the study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants 2 social science that deals with the study of the production consumption distribution of goods and services and the transfer of wealth to obtain those goods and services. Unit 1 study guide learn with flashcards games and more for free search create log in sign up log in sign up economics unit 1 study guide study flashcards learn write spell test play match gravity created by gatorlax39 unit 1 study guide terms in this set 61 economics unit 2 study guide martin 51 terms . Opportunity cost the highest valued alternative that must be given up to engage in an activity scarcity lack of goods and resources to meet unlimited wants and needs efficiency the ratio of the output to the input of any system goods food water provisions anything someone buys trade off the idea that because of scarcity producing more . Study guide for the unit 1 economics test covering chapters 1 3 plus class discussions how might the introduction of government into the cirucular flow model affect your business . Economics unit 1 study guide fundamental economic concepts chapters 1 2 georgia performance standards in unit 1 fundamental economic concepts ssef1 the student will explain why limited productive resources and unlimited wants result in scarcity opportunity costs and tradeoffs for individuals businesses and governments 1 a
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