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Micro/Macro Econ

chpt 1 sect 2

TermDefinition
Trade off an alternative that we sacrifice when we make a decision
Guns or Butter a phrase that refers to the trade offs which nations face when choosing whether to produce more or less military or consumer goods
Opportunity Cost the most desirable alternative given up as a result of a decision
Thinking at the margin deciding whether to do or use one additional unit of resource
Created by: acoronado
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