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Economics Unit 1
Economics
Term | Definition |
---|---|
Cost | What is spent in money, effort or other sacrifices to get something. |
Benefits | What is gained from something in terms of money, time , experience or other improvement. |
Marginal Costs | What is given up by adding one more unit to an activity. |
Marginal Benefit | What is gained by adding on more unit to an activity. |
Economic model | Simplified representation of reality that allows economist to focus on the effects of one change at a time. |