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AP Microeconomics
Unit 1 – Basic Economic Concepts
Topic 1.1
Why is understanding the concept of opportunity cost important for individuals and societies?
It helps maximize benefits by making informed choices
It minimizes the role of entrepreneurship
It eliminates scarcity and trade-offs
It ensures equal distribution of resources
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AP Microeconomics - 1.1 Basic Economic Concepts: Scarcity
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Opportunity Cost
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About Us
About Fiveable
Blog
Careers
Testimonials
Code of Conduct
Terms of Use
Privacy Policy
CCPA Privacy Policy
Resources
Cram Mode
AP Score Calculators
Study Guides
Practice Quizzes
Glossary
Crisis Text Line
Request a Feature
Report an Issue
© 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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