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Opportunity Cost
The act of losing potential profits from other pathways when one route is taken.
Economic Models
Simplified frameworks used to illustrate and analyze economic processes, behaviors, or theories, often employing mathematical formulas to predict economic outcomes.
Economic Policy
Strategies and measures adopted by governments or economic institutions to regulate and guide the economy towards desired goals.
Economic Models
Simplified representations of complex economic processes, using equations, graphs, or diagrams to study the behavior and interactions of various economic variables.
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