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Economics Unit 1

Economics

TermDefinition
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.
Created by: P_Baugh
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