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Explain why limited productive resources and unlimited wants result in scarcity, opportunity costs, and trade-offs for individuals, businesses, and governments.
Give examples of how rational decision making entails comparing the marginal benefits and the marginal costs of an action.
Explain how specialization and voluntary exchange influence buyers and sellers.
Compare and contrast different economic systems and explain how they answer the three basic economic questions of what to produce, how to produce, and for whom to produce.
Describe the roles of government in the United States economy.