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Slide 1 - The Business Ways
- By Douglas Betancourth
Slide 3 - Scarcity
- The basic economic problem that arises because people have unlimited wants but resources are limited. Because of scarcity, various economic decisions must be made to allocate resources efficiently.
Slide 4 - Opportunity Cost
- The opportunity cost of going to college is the money you would have earned if you worked instead. On the one hand, you lose four years of salary while getting your degree, on the other hand, you hope to earn more during your career, thanks to your education, to offset the lost wages.
Slide 5 - Trade Off
- A situation in which you must choose between or balance two things that are opposite or cannot be had at the same time
Slide 6 - Entrepreneur
- A person who starts a business and is willing to risk loss in order to make money