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Petroleum is a fossil fuel containing many different carbon compounds.If the carbon atoms in petroleum have been in the ground for 100 million years, what fraction of the initial 14C atoms is still there? (t1/2 = 5,370 yr)
Production Alternative
Different ways in which a firm could allocate its resources to produce various goods or services.
Capital Goods
Physical assets used by a company to produce goods and services that are used to produce consumer goods or services.
Scarcity
The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.
Study of Economics
The academic discipline that examines how individuals, businesses, governments, and nations make choices on allocating resources to satisfy their wants and needs.
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