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5 Cards in this Set
- Front
- Back
Opportunity Costs
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Anything you must give up in order to get what you want.
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Interaction
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My choices depend on your choices and vice versa.
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Tradeoff
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Deciding how much to produce by comparing the costs and benefits of producing a bit more or a bit less.
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Decisions involving "tradeoff" are called..
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Marginal Decisions
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Equity
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Fairness, which there is often a trade off between equity and efficiency (sweat shops)
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