Asked by
Irene Solorzano
on Oct 27, 2024
Verified
The economic way of thinking entails:
A) the analysis of benefits but not costs.
B) the analysis of costs but not benefits.
C) making choices at the margin.
D) making the distinction between microeconomics and macroeconomics.
Economic Thinking
Economic thinking involves analyzing the production, distribution, and consumption of goods and services by applying principles such as scarcity, choice, and cost-benefit analysis.
Making Choices
The process of deciding between two or more alternatives, often evaluated in terms of costs and benefits.
Margin
The difference between the selling price of a product and its cost of production or buying price, often expressed as a percentage of the selling price.
- Acquire knowledge about the principle of marginal analysis and its implementation in daily life decisions.
- Understand that opportunity costs encompass both financial and non-financial elements.
Verified Answer
AT
Learning Objectives
- Acquire knowledge about the principle of marginal analysis and its implementation in daily life decisions.
- Understand that opportunity costs encompass both financial and non-financial elements.