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10 Cards in this Set
- Front
- Back
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Economics
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the study of how people make decisions on how to use scarce resources
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wants
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something one would like to have, but is not needed for survival
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needs
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things that one must have to survive like food, water and shelter
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scarcity
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means that something is limited in quantity
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criteria
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factors that help one make a decision or factors used to place something and a category
Criteria are the features or benefits that one would wish to see met when choosing an alternative. |
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alternatives
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offering a choice
These are the variety of choices available when making a decision. They are typically a person's wants or needs. |
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resources
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the things we use to make other things
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evaluate
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to place a rank or value on something
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unlimited
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not able to be measured, as it is infinite
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opportunity cost
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what one gives up by choosing one thing over an other.
The opportunity cost is the next best option that one cannot have after choosing. |
