Flashcard Set Preview
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| 1 |
Scarcity
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Not having enough resources to satisfy
every need
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| 2 |
Economic decision-making
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The process of choosing which wants,
among several options, will be satisfied.
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| 3 |
Tradeoff
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When you give up something to have something else, you are making this...
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Opportunity cost
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The baule of the next-best alternative taht you did not choose.
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