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Question | Answer |
---|---|
Opportunity Cost | What you give up for something you value more |
Supply and Demand | Supply and demand are both influenced by the price of goods and services. |
Scarcity | Having unlimited wants in a world of limited resources. |
Wants | Things that enrich your life but are not absolutely necessary |
Needs | Things that are absolutely necessary to survive and fulfill your commitments |
Values | What is of greatest value to you? |
Microeconomics | Part of economics concerned with the effects of single entity and individual decisions. |
Supply and Demand | Supply and demand are both influenced by the price of goods and services. |
Rational Decision Making | Choose the best option and finalize your decision. |