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  • Instead of getting the burger we are going to get the pizza, because it is cheaper. 
  • We are going to make a trade off for what we should eat. 
  • I want to play basketball, but I need to do my homework. 
  • I am going to put effort towards completing this task to get paid. This is also known labor.
  • I am an entrepreneur, because I own Microsoft - Bill Gates
  • There is a limited amount of soccer balls on this field. This is scarcity.
  • You must know the factors of production in order to be a good business owner.
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