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Marginal Costs
The increase in the sum total of expenses that comes with the production of one additional unit of a product or service.
Resources Are Scarce
The fundamental economic problem that the available resources are limited compared to the unlimited wants and needs of people.
Economic Theories
Comprehensive frameworks or models used to explain and predict economic phenomena and guide the analysis of economic issues and policy.
Economic Policy
Strategies and decisions made by the government concerning the economy, including taxation, government spending, and interest rates.
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