What is the difference between a good and a service?
good is something that can be used or bought, service is someone heling you.
Why is the idea of scarcity a starting point for economic thinking?
the more scarse something is the more valueable it is.
How is scarcity different from shortages?Describe the three factors of production.
shortage is when there was alot now there is a little. Labor, product, place to mae it
What role do entrepreneurs play in the economy?
They start the economy and give people a way to get a job and sell the good
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