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What is an incentive?
What is the concept of scarcity in economics?
Which of these is considered a scarce resource?
Fill in the Blank:
The concept of means the loss of the potential gain from the second best option when choosing the best option.
What does opportunity cost represent?
True or False: Opportunity cost only applies to financial decisions and not to time or energy.
True or False: Budgeting is only necessary for people with limited financial resources.