Notes on basic economics concepts.

Economics Notes

Opportunity Cost

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• Cost
  
  • Choice
    
    • Wants and Needs
    • Scarce Resources
  • Sacrifice
    
    • Value?
    • Utility?
  • Alternatives
    
    • Rational Behaviour
• Price
  
  • Amount of money you have to give up to acquire a good or service
  • Money
    
    • A Means of Exchange
    • True Cost?

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