The alternatives that we give up whenever we choose one course of action over another.

A desirable alternative that is given up as a result attaining something else.

Thinking at the Margin

When you decide how much more or less to do.

The decision to produce more military goods (guns) than consumer goods (butter). Or the reverse.

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Chapter1, Section2

Opportunity Cost

Term	Definition
Trade Off	The alternatives that we give up whenever we choose one course of action over another.
Opportunity Cost	A desirable alternative that is given up as a result attaining something else.
Thinking at the Margin	When you decide how much more or less to do.
Guns or Butter	The decision to produce more military goods (guns) than consumer goods (butter). Or the reverse.