Competency 1 – Applies economic theory to address decision-making in households and business firms. 1.1 The Economic Way of Thinking In this section, you learned that scarcity is an integral part of the human experience. Our wants are unlimited, but our capability to produce and consume are li
Competency 1 – Applies economic theory to address decision-making in households and business firms. 1.1 The Economic Way of Thinking In this section, you learned that scarcity is an integral part of the human experience. Our wants are unlimited, but our capability to produce and consume are limited. Therefore, we must learn to make the … Read more