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1.Describe scarcity and its impact on the economy. Describe the major field of economics called microeconomics....

1.Describe scarcity and its impact on the economy.

Describe the major field of economics called microeconomics.

Describe how the government can help a small business.

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Answer #1

1.Scarcity means that all the resources we have is limited and we should use them efficiently. So, we have choices between the allocation of goods. This is why we have marginal rate of transformation between the two goods.

2. Microeconomics is the study of consumer behaviour and producer behaviour. They have market eqm and further we can use it for the analysis of how resources get allocated in the economy.

3. By giving protection and tax credit government can help small businesses.

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