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Discuss the premise of the classical model of decision making.
Opportunity Cost
The next best alternative foregone as a result of making a decision.
Rice
A staple food grain consumed by a large portion of the world's population, particularly in Asia.
Resource Endowments
The natural resources, labor force, and capital that a country possesses, which can affect its economic development.
Crude Oil
Crude oil is a natural, unrefined petroleum product composed of hydrocarbon deposits and other organic materials, used as a primary energy source and raw material for various products.
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