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The study of how we make decisions in a world in which resources are limited but wants are unlimited
Ambitious leaders who decide how to combine land, labor, and capital resources to create new things
An economic decision making technique that tells us to choose an action or make a decision when the benefits are greater than the cost
Law of diminishing marginal returns
If a store is open even when there is no business, the amount of money he makes will stay at a flat rate of zero (hypothetically speaking)
Guns or butter
A theory that says that if there is a country that produces more military goods, the country has fewer resources to devote to consumer goods
This person developed a theory after the great depression. His ultimate goal was to tell economists and politicians how to get out of and avoid economical crisis'
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