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A. The study of economics is making decisions on how to use scarce resources. If the resources are used efficiently, the standard of living would be maintained. But if resources are used inefficiently, the standard of living would start to drop.
Economic Example: School districts deciding to pay for new books in the classrooms.
1) Scarce is the inefficient need to demand???
2) The decision/goal is having kids learning more, so later in life, they have a more range of jobs which, in hopes, will lead to them producing more in the future.(?????)
3) Efficiency is related to the example by
4) The outcome/standard of living/result is having a less income and a bigger outcome. The school district paying now (income), while later in the years, students will a have better knowledge (outcome) so they can produce more goods than without textbooks.
D. People don't always agree when selecting the rational choice because not everyone agrees on what is best for others.
E.
a) Point A relates to efficiency because the point means rather the firm is not using all its factors of production or is using them inefficiently.
b) Point b is (NOT?) possible because ...
c) You would be able to demonstrate opportunity cost on this diagram by...
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