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List and explain the six steps of the rational decision-making model.
Depletion of Natural Resources
The consumption of natural resources faster than they can be replenished, leading to a reduction in their availability over time.
Nominal Gross Domestic Product
The total market value of all final goods and services produced in a country in a given period, measured in current prices without adjusting for inflation.
Current-Year Prices
Prices that have not been adjusted for inflation and therefore reflect the actual market prices in a given year.
Gross Domestic Product
The total market value of all final goods and services produced within a country's borders in a specific time period, commonly used as a measure of economic performance.
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