Using a static page on front page

Under the Reading Settings there is an option which says “Front page Displays Your latest Posts or a Static Page”. There is a drop down list of available pages to choose from.

Surely if one of these pages is selected and displayed on the front (home) page there will be a duplicate content issue if this page is already displayed elsewhere which it would be if is published.

Can anyone clarify this for me? I would like to use a page on my home page.

Many Thx