Unit 2 Lesson 2: Scarcity, Choice, and Opportunity Cost
Section outline
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- People use resources to produce goods and services.
- Scarcity results because resources are limited and human wants are unlimited.
- Because of scarcity, people must choose some things and give up others.
- Incentives are sometimes used to get people to buy a certain good or service.
- Incentives are also used to get people to produce a certain good or service or start their business in a particular place.