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5 Cards in this Set

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