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Preview Microeconomics Topic 1: “Explain the concept of opportunity ... - CSUN pdf file

Economics is the study of how people make choices under scarcity. What is scarcity? ... This is clearly true for individuals. Your income is limited. You ... that in a world of scarcity, everything has an opportunity cost. There is always a ... compared to the value of the time it takes to attend class, do homework, etc. The amount.

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