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Terms in this set (220)
1. All choices involve costs and these costs must be involved in an economic decision
2. To achieve a goal, people must make decisions that reflect their purposeful self-interest
3. People compare marginal benefits and marginal costs when making a decision, and will choose the situation where the marginal beneift>marginal cost
2. To achieve a goal, people must make decisions that reflect their purposeful self-interest
3. People compare marginal benefits and marginal costs when making a decision, and will choose the situation where the marginal beneift>marginal cost