Table 24-1
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9. Refer to Table 24-1. The cost of the basket in Year 2 was
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The economics a s a study is based upon the basic idea of scarcity, or the limit to the amount of resources which are present with the economies. The wants and desires of people on the other hand tend to be limitless in nature. The economic entities then have to make decisions and tradeoffs because they have to prioritize their needs, and wants.
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