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| Question | Answer |
| Economics | The study of people and their economic decisions and interactions with one another. |
| Opportunity cost | The loss of other alternatives when one alternative is chosen. Simply put, it is whatever you have to give up to do something. |
| Scarcity | The conflict between infinite desires and finite resources. As a result, choices must be made about how to allocate resources. |
| Economic Incentives |
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