Podcast Beta
Questions and Answers
TOPIC GDP: The value of all ______ goods and services made within a country during a specific period.
finished
Purchasing power: power to buy things > rich countries > markets we are aiming ______.
Recession
Opportunity cost = Return on best ______ opportunity - return on chosen option.
forgone
Cost-benefit principle (marginalism): -Take an action only if the extra benefits are at least as great as the extra ______.
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Implicit cost: the cost of resources already owned by the firm that could have been put to some other ______.
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