ECON 201 Chapter Notes - Chapter 1: Opportunity Cost, Capital Good, Marginal Cost

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24 Aug 2014
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What, how, and for whom: goods and services are the objects and actions that people value and produce to satisfy human wants. When is the pursuit of self-interest in the social-interest: self-interest the choices that are best for the individual who makes them, social-interest the choices that are best for society as a whole. On the margin: margin a choice on the margin is a choice that is made by comparing all the relevant alternatives systematically and incrementally, margin might be a small change or a large change. Marginal cost and marginal benefit: marginal cost the opportunity cost that arises from a one-unit increase in an activity. Goods and services that are brought by individuals and used to provide personal enjoyment and contribute to a person"s quality of life. Goods that are brought by the business to increase their productive resources. Goods and resources that are brought by governments.

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