Econ- Chapter 1, Section 1

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The basic problem of economics is:

According to Adam Smith:

Manufactured goods used to produce other goods and services

This results from a combination of limited resources and unlimited wants.

Study of how people make choices about ways to use limited resources to fulfill their wants.

A company’s office buildings are an example of:

A company’s fleet of trucks represents which kind of factor of production?

The need to make choices arises because: