Eonc - Opportunity cost The value of the other alternatives...

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Key Terms: Key Terms and Concepts Scarcity The central economic problem that there are not enough resources to produce everything that individuals want. Unlimited Wants The needs and desires of human beings, which can never be completely satisfied. Resources Inputs used to produce goods and services.
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Unformatted text preview: Opportunity cost The value of the other alternatives given up in order to enjoy a particular good or service. Self-Interested Behavior A basic assumption of economic theory that individual decision makers do what is best for themselves...
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