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What is the spatial dispersion of a previously homogenous group?
Opportunity Cost
The foregone benefit of the next best alternative when a decision is made to choose one option over another.
Allocative Efficiency
Occurs when no resources are wasted; it is not possible to make any person better off without making someone else worse off.
Economic Problem
The challenge of limited resources to meet unlimited wants and needs of society.
Capital Goods
Long-lasting goods purchased or used by businesses to produce goods or services and not intended for final consumption.
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