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Scarcity and Choice - Coggle Diagram
Scarcity and Choice
Needs, wants, choices
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Opportunity cost is the foregone alternatives that we can't buy because we spent our money on something else
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Economics
social science that studies how people with limited resources make choices in order to satisfy their needs and wants
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Cost benefit analysis: cost and benefits of various options should be weighed up to make the best decision
Specialisation: the separation of a work process into a different tasks, each task carried out by a separate worker or group of worker