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4 Cards in this Set
- Front
- Back
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Trade-off |
All the alternatives that we give up whenever we choose one course of action over another |
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Guns or butter |
A country that decided to produce more military goods ("guns") has fewer resources to devote to consumer goods ("butter") and vice versa |
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Opportunity cost |
The most desirable alternative given up as the result of a decision |
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Thinking at the margin |
When you decide how much more or less to do |
