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1. • One alternative is selected over another

     • All choices mean that one alternative is selected over another. Selecting among alternatives involves three ideas central to economics: scarcity, choice, and opportunity cost.
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     1.1: Defining Economics - Social Sci LibreTexts

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   What do all choices mean in economics?

   • All choices mean that one alternative is selected over another. Selecting among alternatives involves three ideas central to economics: scarcity, choice, and opportunity cost. Our resources are limited. At any one time, we have only so much land, so many factories, so much oil, so many people.

   Economics: The Study of Choice - GitHub Pages

   saylordotorg.github.io/text_principles-of-economics-v2.0/s04-economics-the-study-of-choice.html

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   Why is economics a science?

   • It is a science because it uses, as much as possible, a scientific approach in its investigation of choices. All choices mean that one alternative is selected over another. Selecting among alternatives involves three ideas central to economics: scarcity, choice, and opportunity cost. Our resources are limited.

   Economics: The Study of Choice - GitHub Pages

   saylordotorg.github.io/text_principles-of-economics-v2.0/s04-economics-the-study-of-choice.html

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   How do we choose alternatives in economics?

   • Selecting among alternatives involves three ideas central to economics: scarcity, choice, and opportunity cost. Our resources are limited. At any one time, we have only so much land, so many factories, so much oil, so many people. But our wants, our desires for the things that we can produce with those resources, are unlimited.

   Economics: The Study of Choice - GitHub Pages

   saylordotorg.github.io/text_principles-of-economics-v2.0/s04-economics-the-study-of-choice.html

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   Why is economics a study of choice?

   • Ultimately, economics is the study of choice. Because choices range over every imaginable aspect of human experience, so does economics. Economists have investigated the nature of family life, the arts, education, crime, sports, job creation—the list is virtually endless because so much of our lives involves making choices.

   1.4: Scarcity, Choice, and Resources - K12 LibreTexts

   k12.libretexts.org/Bookshelves/Economics/01:_Economic_Fundamentals/1.04:_Scarcity_Choice_and_Resources

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3. socialsci.libretexts.org › Bookshelves › Economics1.1: Defining Economics - Social Sci LibreTexts

   socialsci.libretexts.org › Bookshelves › Economics

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   All choices mean that one alternative is selected over another. Selecting among alternatives involves three ideas central to economics: scarcity, choice, and opportunity cost.

4. socialsci.libretexts.org › Bookshelves › Economics1: Economics - The Study of Choice - Social Sci LibreTexts

   socialsci.libretexts.org › Bookshelves › Economics

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   Economics is a social science that examines how people choose among the alternatives available to them. It is social because it involves people and their behavior. It is a science because it uses, as much as possible, a scientific approach in its investigation of choices.

5. saylordotorg.github.io › text_principles-ofEconomics: The Study of Choice - GitHub Pages

   saylordotorg.github.io › text_principles-of

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   All choices mean that one alternative is selected over another. Selecting among alternatives involves three ideas central to economics: scarcity, choice, and opportunity cost. Scarcity

6. k12.libretexts.org › Bookshelves › Economics1.4: Scarcity, Choice, and Resources - K12 LibreTexts

   k12.libretexts.org › Bookshelves › Economics

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   Mar 27, 2022 · All choices mean that one alternative is selected over another. Selecting among alternatives involves three ideas central to economics: scarcity, choice, and opportunity cost.

7. open.umn.edu › opentextbooks › textbooksPrinciples of Economics - 3e - Open Textbook Library

   open.umn.edu › opentextbooks › textbooks

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   Conditions of Use. Attribution. Reviews. Table of Contents. Chapter 1: Welcome to Economics! Chapter 2: Choice in a World of Scarcity. Chapter 3: Demand and Supply. Chapter 4: Labor and Financial Markets. Chapter 5: Elasticity. Chapter 6: Consumer Choices. Chapter 7: Cost and Industry Structure. Chapter 8: Perfect Competition. Chapter 9: Monopoly.

8. biz.libretexts.org › Courses › Lumen_Learning2.9: Introduction to the Economic Way of Thinking

   biz.libretexts.org › Courses › Lumen_Learning

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   Economists recognize that very few choices in the real world are “all or nothing.” Most of the time, people have the choice to do a little more or a little less of something: Should you eat one more muffin? Should you study economics for another hour? Should you spend a little less money on gas?

9. open.umn.edu › opentextbooks › textbooksIntroduction to Economic Analysis - Open Textbook Library

   open.umn.edu › opentextbooks › textbooks

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   This book presents standard intermediate microeconomics material and some material that, in the authors' view, ought to be standard but is not. Introductory economics material is integrated. Standard mathematical tools, including calculus, are used throughout. The book easily serves as an intermediate microeconomics text, and can be used for a relatively sophisticated undergraduate who has ...