What is It?

Intro to Economics

Today's terms are:

• Economics
• Scarcity
• Resources
• Market

Economics is
the way governments, countries, and its people manage scarce resources

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Scarcity is
the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.

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Resources
are things that go into producing a good or providing a service

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A Market is
any place a consumer (user) and producer (seller) meet to buy and sell

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