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ECON UNIT ONE INSANITY
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The best forgone choice when a decision is made
Opportunity Cost
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Over time, the satisfaction per unit declines
Diminishing marginal utility
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Joan gets 4 utils per dollar from her current allocation of apples, and .5 from oranges. What should she do?
But more apples
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Trade based on opportunity cost
Comparative advantage
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4 scarce factors of production
land, labor, capital, ET
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The PPC curve iis concave relative to the origin due to
increasing opportunity cost.
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When MC=MB
allocative efficiency
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tinstaafl
No such thing as a free lunch
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Market allocate goods in this system
capitalism
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An authority allocates goods in this system
Command (communism ok)
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4 payments to resources
wages, rent, interest, profit
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Trade based on total output
Absolute advantage
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Least cost production
Production Efficiency
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Father of modern capitalism
Adam SMith
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Equation for utility maximization
MUa/pa=MUb/Pb on last dollar
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