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Categories:: 6.3.6. Scarcity and Choice
Statements:
B. Explain how limited resources and unlimited wants cause scarcity.
C. Describe the natural, human and capital resources used to produce a specific good or service.
D. Explain the costs and benefits of an economic decision.
E. Define opportunity cost and describe the opportunity cost of a personal choice.
F. Explain how negative and positive incentives affect choices.
A. Explain how scarcity influences choices and behaviors