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Here are the best resources to pass ECON SUPPLY & DEMAND (ECON). Find ECON SUPPLY & DEMAND (ECON) study guides, notes, assignments, and much more.
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UNIVERSITY OF ARIZONA ECONOMICS SUPPLY & DEMAND FINAL EXAM STUDY GUIDE 2020 VERIFIED WITH 100% CORRECT ANSWERS.
Study guide • 11
pages
• 2020
1.	Define economics. 


2.	Explain how scarcity relates to economics. 
Limited resources to meet unlimited needs and wants. This situation requires people to make 
decisions about how to allocate resources efficiently in order to satisfy needs and wants. 

3.	Differentiate between opportunity costs and trade offs. 
Opportunity Costs: The second best alternative to a choice that is made. 
Trade Offs: Giving up some of one thing in order to gain more of something else.

 4.	Define factors of produ...
UNIVERSITY OF ARIZONA ECONOMICS SUPPLY & DEMAND FINAL EXAM STUDY GUIDE 2020 VERIFIED WITH 100% CORRECT ANSWERS.
Last document update:
ago
1.	Define economics. 


2.	Explain how scarcity relates to economics. 
Limited resources to meet unlimited needs and wants. This situation requires people to make 
decisions about how to allocate resources efficiently in order to satisfy needs and wants. 

3.	Differentiate between opportunity costs and trade offs. 
Opportunity Costs: The second best alternative to a choice that is made. 
Trade Offs: Giving up some of one thing in order to gain more of something else.

 4.	Define factors of produ...