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Microeconomics Notes
Reasons we study economics
1. Resources are scarce
1. Land
2. Labor
3. Capital: anything that can be touched (computers, machines, etc.) 2. Human Wants-Unlimited
Efficiency: Getting the most out of your products
Opportunity Cost: of an item is what you give up to get it. Rational People: systematically and purposefully do the best they can to achieve their objectives, given the available opportunities Marginal Change: to describe a small incremental adjustment to an existing plan of action. Keep in mind that margin means “edge,” so marginal changes are adjustments around the edges of what you are doing. Rational people often make decisions by comparing marginal benefits and marginal c...
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