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Economic Choices

decisions made by consumers based on demand of resources

Future Consequence

Result that you get after you made choice


a positive motivational influence

opportunity cost

the cost of the next best use of time and money when choosing to do one thing or another

Voluntary trade

Trading goods and services with other people because both parties expect to benefit from the trade.


using the minimum of time or resources necessary for effectiveness

factors of production

resources necessary to produce goods and services


limited quantities of resources to meet unlimited wants

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