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AP Microeconomics
Unit 1 – Basic Economic Concepts
Topic 1.1
Why are trade-offs necessary in decision-making when faced with scarcity and limited resources?
To allocate resources efficiently
To achieve perfect competition
To eliminate scarcity
To increase opportunity costs
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AP Microeconomics - 1.1 Basic Economic Concepts: Scarcity
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Scarcity
Trade-offs
Decision-making
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About Fiveable
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Terms of Use
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CCPA Privacy Policy
Resources
Cram Mode
AP Score Calculators
Study Guides
Practice Quizzes
Glossary
Crisis Text Line
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© 2024 Fiveable Inc. All rights reserved.
AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.
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