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Describe the 5 economic resource categories and how they relate to the scarcity problem. (the 5th is Human capital) Explain opportunity cost. How does it
Describe the 5 economic resource categories and how they relate to the scarcity problem. (the 5th is Human capital) Explain opportunity cost. How does it reflect scarcity? What does it have to do with decision making? Finally, explain the difference between positive and normative economics and how our normative positions affect the choices we make -- individually and as a society.
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