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Microeconomics
The branch of economics that studies how individuals, households, and firms make decisions and allocate resources.
Alternatives
Options or choices available in any given situation.
Production
The process of creating goods and services through the combination of labor, capital, land, and technology.
Scarcity
Scarcity refers to the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources, necessitating prioritization and choice.
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