Economics is the science of scarcity. 1. Define economics. 2. Define scarcity. 3. List three effects of
Question:
1. Define economics.
2. Define scarcity.
3. List three effects of scarcity.
4. Define utility and disutility.
5. State how economists divide resources.
6. State the function of a rationing device and give an example.
7. Explain why competition exists.
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