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Summarize the principles of economic thinking.


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Answer:

Economies allocate scarce resources among the members, taking into account each member’s abilities, efforts, and desires o Societies allocate people (as well as land, buildings, and machines) to various jobs in addition to allocating the goods and services they produce Scarcity—the limited nature of society’s resources (and therefore cannot produce all the goods and services people wish to have) Economics

Explanation:

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