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10 cards from this deck
Unlimited wants but limited resources to satisfy them
How to allocate scarce resources to maximize human welfare
Limit on purchases given current prices and available income
Value of the next best alternative that must be given up
Making decisions to maximize private benefit or satisfaction
Best decision with info available at time, not perfect foresight
Resource that cannot be replaced once extracted and used
Decisions affecting different time periods (now vs future)
Uses many workers but little capital equipment
More of one good made means more of alternative sacrificed
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