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Scenario 1-1
You have the afternoon free. You have a choice between going to the movies with a friend or studying economics for three hours. If you go to the movies, you will spend $8.00 on a ticket and $4.50 on popcorn. If you choose to study economics for three hours, you will raise your exam grade by 10 points.
-Refer to Scenario 1-1. What is your opportunity cost of studying economics?
Hereditary Factors
Genetic characteristics and traits passed down from parents to their offspring.
Natural Selection
The process by which organisms better adapted to their environment tend to survive and produce more offspring.
Self-actualization
Fulfilling or actualizing one's innate gifts and capacities, regarded as a compelling urge or essential need existing in every person.
Potential
The inherent ability or capacity for growth, development, or future success.
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