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PFIN 1.02 Vocabulary

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A	B
Needs	Goods or services that are required for survival
Opportunity cost	The value of the next best alternative that must be forgone as a result of a decision
Trade-off	Giving up one thing for another
Value	A fundamental belief or practice about what is desirable, worthwhile, and important to an individual
Want	the desire for goods and services that can increase our quality of life but are not absolutely necessary for our survival

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