Opportunity costs

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Trade-offs

All those things you could have done with your time and/or money but didn't choose to do

Marginal cost

Anything negative about an alternative the cons

Marginal benefit

Anything positive about an alternative, the pros

The choices people make have

Both present and future consequences

Marginal analysis

Involves making decisions based on the additional benefit vs. the additional cost

PACED

P - problem A - alternative C - criteria E - evaluate D - decision

Rational decision making

Tales place when marginal benefits equal or exceed marginal cost.

Opportunity cost

The next best thing you could use your resource for

The opportunity cost of a choice is

The value of what you must give up when you make a particular choice

Rational decision making

When evaluating alternative, marginal benefits outweighs marginal cost


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