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Stack #4069920

QuestionAnswer
MICROECONOMICS the part of economics concerned with the effects of single entity and individual decisions
VALUES what is of the greatest to you? what are you willing to give up?
NEEDS things that are absolutely necessary to survive and fulfill your commitments
WANTS things that enrich your life but are not necessary
SCARCITY having unlimited wants in a world of limited resources
UTILITY how well something satisfies your wants or needs
OPPORTUNITY COST what you give up for something you value more
Created by: Khulan Becar
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