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What is the income of a typical worker in a country most closely linked to?
Value Of Time
The economic worth assigned to time, reflecting what is foregone in engaging in a particular activity versus alternative uses.
Scarce Resources
Economic concept describing materials or services in limited availability relative to desired uses, necessitating allocation.
Efficient
In economic terms, relates to an allocation of resources in which it is impossible to make any one individual better off without making at least one individual worse off.
Opportunity Cost
Opportunity cost represents the value of the best alternative forgone when a decision is made to choose one option over another.
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