[ECON 2000] - Final Exam Guide - Everything you need to know! (43 pages long)
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Econ lecture 2: the 5 foundations cont. , gains from trade. 5 foundations cont: marginal thinking: evaluate whether the benefit of one more unit of something is greater than the cost. Trade only occurs if both parties feel they gain from the trade: marginal benefits > marginal costs. Whethe(cid:396) it"s t(cid:396)ue o(cid:396) (cid:374)ot (cid:272)a(cid:374) (cid:271)e tested. It can be disguised: the 5. 0% of unemployed workers (
