ECON 2030 Study Guide - Quiz Guide: Opportunity Cost, West Kilimanjaro Language, Determinant

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18 Jun 2014
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The study of how societies provision themselves with the material means of existence (not just material things but also physical services goods & services: microeconomics. Consequences: what are we going to produce, how are we going to produce them, who is going to get the material means of existence? (market exchange, market exchanged for money. Social process in which a good or service is: macroeconomics everybody in a country; the society as a whole. The price of all goods and services; income for. When you opt for something, you pass on another; you must give up the opportunity for something else: the margin. Last incremental change; last unit of consideration: rationality long as the benefit is, at least, equal to or greater than the cost. When faced with a choice, choose to do something as: examples of economic reasoning, a question, either or choices, think about the costs & benefits, how much/many choices, relevant cost, sunk cost is made; unrecoverable.

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