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U3: MICROECONOMICS - Coggle Diagram

- - - - trading off the purchase of more of some goods with the purchase of less of others
      - trading off curent consumption with future consumption
    - - must decide whether and when to enter the workforce
        (working now (earning an immediate income) with continued education (earning higher income in the future)
      - face trade-offs in their choice of employment (working for large corporations (job security, limited potential for advancement) with small companies (more opportunity, less security)
      - must decide how many hours per week they wish to work (trading off labor for leisure)
    - - face limits in terms of the kinds of products that they can produce and the resources available
      - Ex:
        
        trading off producing certain product intead of others
        
        trading off hiring more workers, building new factories, or buying new machines
  - - - In a centrally planned economy: set by the government
      - In a market economy: by the interactions of customers, workers and firms