Examlex
We "understand" before we experience.
Economics
The social science concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity.
Scarce Resources
Resources that are limited in supply and cannot meet all the wants and needs of a society.
Trade-offs
Decisions that involve sacrificing one goal or benefit in order to gain another, often used in the context of economic and financial planning.
Free Lunch
An expression that suggests there is no such thing as a benefit without a corresponding cost, even if the cost is not immediately apparent.
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