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Read the Following Scenario, and Answer the Questions Below

question 26

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Read the following scenario, and answer the questions below.

As an economist, you are asked to analyze the present versus future value of fossil fuel resources in a newly discovered oil field. You determine that the oil which would take 1 year to extract) is estimated to be worth $10 million in today's market.

-What is the term for the economic practice that you are being asked to do by assessing present versus future value of the resource?


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