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1.1 Economic methodology and the economic problem

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Question 15

The economic problem of scarcity means that individuals, firms, and governments must make choices because

the distribution of income is highly unequal.

resources are finite relative to infinite human wants.

opportunity costs can always be completely avoided.

consumer demand is strictly limited by basic biological needs.

1.1 Economic methodology and the economic problem Questions

  1. A Level
  2. /Economics
  3. /1.1 Economic methodology and the economic problem