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  2. Principles of economics
  3. Choice in a world of scarcity
  4. How individuals make choices

2.1 How individuals make choices based on their budget constraint  (Page 13/16)

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  • Card 13 / 16:
    opportunity cost

    measures cost by what is given up in exchange; opportunity cost measures the value of the forgone alternative

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Practice FlashCards 4 Key Terms 7

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Source:  OpenStax, Principles of economics. OpenStax CNX. Sep 19, 2014 Download for free at http://legacy.cnx.org/content/col11613/1.11
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