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Normative Statement
A statement that expresses a value judgment or opinion, suggesting how things should be rather than stating factual evidence.
Moral Judgment
The process of determining the rightness or wrongness of actions, often based on ethical principles.
Opportunity Costs
The cost of missing out on the top alternative by deciding on another option.
Scarce Resources
Natural, human, and artificial resources that are limited in supply and cannot satisfy all human wants and needs.
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