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5 Cards in this Set
- Front
- Back
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economics
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the study of choice under conditions of scarcity
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scarcity
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a situation in which the amount of something available is insufficient to satisfy the desire for it.
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opportunity cost
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what is given up when taking an action or making a choice.
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explicit cost
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the dollars sacrificed- and actually paid out- for a choice
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implicit cost
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the value of something sacrificed when no direct payment is made.
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