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Lizzie is a freshman in college who needs to declare her major. She is interested in history, psychology, medicine, and law. As she thinks about each of these potential majors, she considers both the positive and negative aspects of each, which cause her to go back and forth in her decision. Lizzie is experiencing a(n) ________ conflict.
Opportunity Costs
The value of the best alternative you give up as a result of choosing a different option.
Scarce Resources
Refers to the limited availability of resources that are used for the production of goods and services, necessitating choices about their allocation.
Opportunity Cost
The cost of foregoing the next best alternative when making a decision or choosing an action.
Tuition
The fee for instruction at a school, university, or college.
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