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Fernandez, Boccaccini, and Noland (2007) found that 10% of the U.S. population over the age of five speaks Spanish at home. Therefore,
Opportunity Costs
The loss of potential gain from other alternatives when one alternative is chosen.
Scarcity
A fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.
Social Institutions
Established systems and structures within society that dictate certain patterns of behavior, such as family, religion, education, and government.
Network Theory
A theoretical framework that analyzes social, economic, or natural phenomena in terms of nodes and the connections between them, emphasizing the importance of relationships and interactions.
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