Examlex
According to the Law of the Excluded Middle:
Opportunity Cost
The loss of potential gain from other alternatives when one alternative is chosen.
Resources
Assets or inputs available for use in the production of goods or services, including natural, human, and capital resources.
Scarce
Describes a condition where resources, goods, or capabilities are limited in availability relative to the demand for them.
Wants
Desires for goods, services, or experiences that are not essential for survival but are deemed desirable based on individual preferences.
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