Question: KEY TERMS AND IDEAS 1. How do goods differ from services? 2. Why is scarcity an important concept in economics? 3. Why is the role

KEY TERMS AND IDEAS 1. How do goods differ from services? 2. Why is scarcity an important concept in economics? 3. Why is the role of an entrepreneur so important? 4. List the three main factors of production. 5. How do opportunity costs shape economic decisions? 6. What is marginal cost and what is its role in decision making? 7. What does a production possibilities curve show? 8. Why is efficiency an important economic goal

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