Scarcity is a condition that is everywhere and always, since it is based upon two assumptions that reflect permanent universal conditions. The assumptions are that
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1) More input satisfies more wants
2) The world has limited productive resources
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The advantages that society gains through trade lie in the ability to
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1) Refine tasks associated with production
2) Attain absolute advantage in our trade with other nations (Partially correct)
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The nature of the relationships between variables can be expressed by way of
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1) Graphs
2) Analyzing data
3) Mathematical equations (Partially correct)
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When certain assumptions are used to create a model of reality, its value can be tested and determined by
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Not Graphing equations
(Pick another answer)
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When an economist or a mathematician uses equations to calculate changing economic conditions, they use variables to simplify this process. What is the variable?
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The name given to a quantity that can assume a range of values
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Given that spending for a certain household will always include a base amount of $1000/month, and that additional spending is equal to half of any income earned, we can predict household spending with a model y=b+mx, where
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x represents income earned
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In the case of an inverse relationship between two variables, all else remaining constant
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The value of the two variables will move in opposite directions from each other
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In the case of a positive relationship between two variables, all else remaining constant
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1) The values of the two variables will move in the same direction
2) Graphically, the data line representing the the relationship between the variables has a positive slope
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