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PF 1.02
| Question | Answer |
|---|---|
| Needs | Goods or services that are required for survival |
| Opportunity Cost | The value of the next best alternative that must be forgone as a 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. |