Create an account
study of how individuals make choices about how to allocate and distribute scare resources and how they interact with each other
to understand economic analysis to describe economic phenomena and make predictions about what will happen under particular circumstances`
compare benefits and opportunity costs of each action that yields the greatest net benefit
describe economic phenomena and make predictions about what will happen under particular circumstances
only way anyone can be made better off is by reducing the well-being of one or more other people
The study of the economic behavior and decision making of small units, such as individuals, families, and businesses.
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