Examlex
You want to have a talk with your younger sister about the dangers of drugs.You begin the discussion by saying,"Now,your friends are probably going to tell you that only people with problems to begin with get into trouble with drugs and that you're a chicken if you don't get high with them,but...." You have just used _______ to persuade her to avoid experimenting with drugs.
Problem Of Scarcity
The fundamental economic problem of having seemingly limitless human wants in a world with limited resources, leading to the necessity of making choices.
Microeconomics
A branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources.
Trade-Offs
The balance achieved between two desirable but incompatible features; a compromise or the act of giving up one benefit to gain another.
Positive Statement
An objective statement based on factual claims, describing the world as it is without imbuing personal preferences or prescriptions.
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