Description
In this module you will complete the Midterm Exam. This exam covers materials from the first half of the course. For this exam, you will download the exam word document from the course menu. The questions should be written succinctly, using the proper terminology, while showing and explaining all work.
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Questions attached
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Explanation & Answer
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Running head: ECONOMICS FOR LIFE MIDTERM QUESTIONS
ECONOMICS FOR LIFE MIDTERM QUESTIONS
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ECONOMICS FOR LIFE MIDTERM QUESTIONS
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ECONOMICS FOR LIFE MIDTERM QUESTIONS
QUESTION 1
First, resources are scarce or limited while human needs are unlimited. Because the
resources cannot be enough, all human needs cannot be satisfied. As a result, human beings are
forced to satisfy a few needs while others are left out (Raiklin & Uyar, 2013). An individual must
make a priority list based on their importance so as to satisfy needs that appear on the top of the
list which is more important. For instances, if an individual decides to pursue higher education,
he will be forced to leave out other need...