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Whether good or bad, it is the cost of choosing one over the other. Both producers and consumers encounter opportunity costs and in the end must make a decision that will affect the rest of the economy. Economics deals with the efficiency the scarce resources are used and the opportunity costs involved...

The choice can be between the overall costs vs. overall quality, and the decision would be based on the opportunity cost of the situation.

No matter how you look at it scarcity, choice, and opportunity cost are concepts involved in almost every aspect of the economy and how it is affected. It is no different when it comes to the issue of recession...

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