Figure 1.3 -Economics Is the Study of the Allocation of Scarce Resources

question 20

True/False

Figure 1.3

-Economics is the study of the allocation of scarce resources and scarce time, and the ways in which people utilize those resources or that time.

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Definitions:

State Statutes

Laws enacted by the legislative bodies of individual states in the United States.

Maintenance

The act of preserving or keeping a piece of equipment, device, or property in working order or in a maintained condition through regular upkeep.

Condemnation Proceeding

A legal process in which government acquires private property for public use, providing fair compensation to the owners.

Eminent Domain

The power of a government to take land from private citizens for public use on the payment of just compensation.