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Opportunity cost is the second best
alternative foregone.
Opportunity cost is the second best alternative foregone.
Marginal changes are small, incremental changes to
an existing plan of action
Marginal changes are small, incremental changes to an existing plan of action
People
Respond to Incentives. Incentive is something that causes a person to act. Because
people use cost and benefit analysis, they also respond to incentives
People Respond to Incentives. Incentive is something that causes a person to act. Because people use cost and benefit analysis, they also respond to incentives
Trade allows countries to specialize according to
their comparative advantages and to enjoy a greater variety of goods and services
Trade allows countries to specialize according to their comparative advantages and to enjoy a greater variety of goods and services
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