Chapter 1: The economics Problem (Definition)
- Created by: rocksamfury
- Created on: 25-10-17 16:50
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Scarce resource - Anything useful which is not available in unlimited quantities is a scarce resource.
Opportunity costs - Refers to a benefit that a person could have received, but gave up, to take another course of action. An opportunity cost represents an alternative given up when a decision is made.
Trade-offs…
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