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7 Cards in this Set

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Rational Choice:
A choice that uses the available resources to most effectively satisfy the wants of the person making the choice.
Opportunity Cost:
The opportunity cost of something is the best thing that you must give up to get it.
Benefit:
The benefit of something is the gain or pleasure that it brings.
Margin:
A choice on the margin is a choice that is made by comparing all the rel event alternatives systematically and incrementally.
Marginal Cost:
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.
Marginal Benefit:
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.
Productivity
Total production per person employed.