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7 Cards in this Set
- Front
- Back
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Rational Choice:
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A choice that uses the available resources to most effectively satisfy the wants of the person making the choice.
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Opportunity Cost:
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The opportunity cost of something is the best thing that you must give up to get it.
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Benefit:
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The benefit of something is the gain or pleasure that it brings.
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Margin:
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A choice on the margin is a choice that is made by comparing all the rel event alternatives systematically and incrementally.
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Marginal Cost:
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The opportunity cost that arises from a one-unit increase in an activity. The marginal cost of some is what you must give up to get one more unit of it.
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Marginal Benefit:
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The benefit that arises from a one-unit increase in an activity. The marginal benefit of something is measured by what you are willing to give up to get on more unit of it.
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Productivity
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Total production per person employed.
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