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What is the typical pattern of temperature and rainfall/snowfall in a region, established over a long period of time?
Circumstances
The conditions or facts affecting a particular event or situation, often influencing the outcome or actions of individuals.
Opportunity Cost
The cost of forgoing the next best alternative when making a decision, representing the benefits an individual, investor, or business misses out on.
Scarce Goods
Products or resources that are limited in availability and cannot meet all the demands of consumers.
Comparative Advantage
The ability of a country or firm to produce a specific good or service at a lower opportunity cost than its competitors.
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