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opportunity cost;the loss of other alternatives when one alternative is chosen.
scarcity; limited availability of a commodity, which may be in demand in the market.
production possibility frontier;The production possibility curves is a hypothetical representation of the amount of two different goods that can be obtained by shifting resources from the production of one, to the production of the other. The curve is used to describe a society's choice between two different goods
steve williams answered the question on January 23, 2018 at 12:02
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