Examlex
Elmer has discovered that in order to be successful in college, he must both pay attention to his instructor and take good notes. If Elmer is successful at engaging in both of these behaviors, he is demonstrating effective
Economics
The social science that studies the production, distribution, and consumption of goods and services, focusing on how individuals, businesses, governments, and nations make choices on allocating resources.
Scarcity
The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.
Phenomenon
An observable event or a fact that is apparent and can be scientifically described or explained.
Free Lunch
A metaphorical expression that describes a situation where something is offered for free, implying hidden costs or implications.
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