6 Questions
What concept can greatly enhance the ability to understand the real-world behavior of decision-makers?
Opportunity cost
According to the provided text, which decision-making principle is highlighted as crucial for individuals, businesses, and society?
Decisions made at the margins
In the context of decision-making, what is meant by 'marginal'?
The additional benefits or costs of a decision
Which economic concept suggests that resources should be allocated only when marginal benefits exceed marginal costs?
Efficiency at the margin
What is the key criterion for undertaking actions according to the text?
Generating more benefits than costs
Which term is used as a substitute for 'marginal' in decision-making contexts?
Additional
Explore the importance of competition and accountability in entrepreneurship, where consumers play a vital role in determining the success of products and services. Understand how market forces influence resource allocation and innovation in the business world.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
