Production Possibilities When faced with SCARCITY of resources, decisions have to be made about how to use those resources Trade-offs Opportunity Costs.
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THE PRODUCTION POSSIBILITIES CURVE: SCARCITY, TRADE-OFFS, AND OPPORTUNITY COSTS AP Microeconomics Unit I – Basic Economic Concepts.
Unit 1 Basic Economic Concepts Scarcity – the condition resulting from the fact that there is not enough of everything to go around Choice – the act.
