A _______________________ Needle Is Straight Instead of Curved

question 25

Short Answer

A _______________________ needle is straight instead of curved.

Understand the basic economic problem of scarcity and how it requires choices that entail opportunity costs.

Describe the functions of entrepreneurs in the economy and differentiate between various economic resources.

Distinguish between macroeconomics and microeconomics and their areas of study.

Appreciate the role and limits of economic models and theories in explaining real-world phenomena.

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Definitions:

Law of Charges

A fundamental principle stating that like charges repel each other, while opposite charges attract each other.

Like Polarity

A situation in electrical systems where magnetic or electrical poles of the same kind face each other or are aligned.

Unlike Polarity

Refers to opposite electrical charges or magnetic poles that attract each other.

Electro-Magnets

Devices that create a magnetic field when electric current flows through a coil wrapped around a metal core.