In Section 4, The opportunity set, we explore how to model the constraints on behavior that are imposed by the fact that we live in a world of [...]
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scarcity
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Open it we need to explore how to model the constraints on behavior that are imposed by the fact that we live in a world of scarcity
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4. THE OPPORTUNITY SET: CONSUMPTION, PRODUCTION, AND INVESTMENT CHOICE ade-offs that economic actors (e.g., consumers, companies, investors) are willing to make. In this section, we recognize that circumstances almost always impose constraints on the trade-offs that these actors are able to make. In other words, <span>we need to explore how to model the constraints on behavior that are imposed by the fact that we live in a world of scarcity: There is simply not enough of everything to satisfy the needs and desires of everyone at a given time. Consumers must generally purchase goods and services with their limited incomes a
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