ARE 1150 Lecture Notes - Lecture 1: Marginal Cost, Marginal Utility

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Scarcity is a situation in which unlimited wants exceed the limited resources available to fulfill those wants. Economics is the study of the choices people make to attain their goals, given their scarce resources. Economic model a simplified version of reality used to analyze real-world economic situations. Economists reason that optimal decision is to continue any activity up to the point where the marginal benefit equals the marginal cost. Marginal analysis is the idea that involves comparing marginal benefits and marginal costs.

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