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ECON 162 9 2 15 Economics The study of choices that arise from scarcity informal Resources Land Labor Capital physical Entrepreneurship Return Rent Wage Interest Profit Opportunity Cost The benefit forgone from not choosing the next best alternative Economics Goods Scarce Price 0 Free Goods Not scarce and abundant Price 0 Economics The study of how individuals and organizations allocate scarce resources among alternative uses to satisfy unlimited human wants formal

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