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PF 1.02

TermDefinition
Needs Goods or services that are required for survival
Opportunity cost The value of the next best alternative that must be forgone as a result of a decision
Trade-off Giving up one thing for another
Value A fundamental belief or practice about what is desirable, worthwhile, and important to an individual
Want The desire for goods and services that can increase our quality of life but are not absolutely necessary for our survival
Created by: william.hermann
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