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Strand 5
| Term | Definition |
|---|---|
| need | something that is necessary in order to do something |
| Microeconomics | Part of economics concerned with the effects of single entity and individual decisions. |
| Wants | Things that enrich your life but are not absolutely necessary |
| Scarcity | Having unlimited wants in a world of limited resources. |
| Opportunity Cost | What you give up for something you value more |