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Econ Way of Thinking

TermDefinition
opportunity cost the best alternative given up when a choice is made
monetary cost money spent as a result of choice (price - this is a type of opportunity cost - when we spend money on one choice we are giving up the opportunity to spend it on something else)
benefits positive consequences
economize make choices that provide the greatest benefit for the least cost
trade offs make choices that provide the greatest benefit for the least cost
thinking at the margin deciding whether to add or subtract an additional unit
Created by: schencktj
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