Explain why scarcity leads to trade-offsnbspwhat determines, Business Economics

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Explain why scarcity leads to trade-offsnbspwhat determines

1. Explain why scarcity leads to trade-offs.

2. What determines the slope of the consumption choice budget constraint? The labor-leisure budget constraint? The intertemporal budget constraint?

3. Does the economic approach specify what choices people should make? why or why not?

4. What are the three components of the interest rate?

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