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PNT chapter 1
chapter one & consumer
Term | Definition |
---|---|
economics | economics is a social science that studies the allocation of scarce resources |
needs | is immediate; anything essential for life |
want | anything in excess of a need; not essential for survival |
consumer | in an individual who has the decision whether to buy goods or services |
utility | the benefit or satisfaction from a good or service |
opportunity cost | the choice foregone |