Examlex
List and explain the seven age cohorts.
Scarcity
The basic economic problem that arises because people have unlimited wants but resources are limited, necessitating the allocation of resources.
Unlimited Resources
Access to an infinite amount of materials or assets without any constraints.
Human Wants
The desires and needs of individuals for goods, services, and other intangibles that lead to satisfaction.
Opportunity Cost
The toll taken for not picking the second highest preference when decisions are formulated.
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