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4 Cards in this Set
- Front
- Back
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Trade-off |
An alternative that we sacrifice when we make decision |
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Guns or butter |
A phrase that refers to the trade-offs that nation face when choosing whether to produce more or less military or consumer goods |
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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 |
Deciding whether to do or use one additional unit of some resource |
