Define the Following Terms

question 7

Short Answer

Define the following terms
-recording sheet

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Definitions:

Individual Choices

Decisions made by individuals based on their preferences and circumstances, affecting their personal welfare and the allocation of resources.

Incentives

Financial or non-financial rewards designed to encourage specific behaviors or actions from individuals or entities.

Opportunities

Opportunities refer to favorable situations or conditions that could lead to the achievement of goals or the advancement in a certain area, often requiring timely and strategic action to capture.

Equity

Fairness or justice in the way people are treated within the economy, often in terms of the distribution of wealth.