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Economics, (Imagine we are eating pizza. The first slice gives me 12 happy…
Economics
Economic law
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Example: Law of demand; Other things held constant, at a higher price, less quantity demanded.
Opportunity cost Jorge's
When choosing, the value of the second best option that you let go when choosing the first option
Example: You came to class at an opportunity cost of more sleep, working or whatever you could be doing instead of coming to school
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Economics:
Is a social science that studies the individuals, businesses, governments, and nations.
Microeconocmis
The study the study of individuals, households and firms' behavior in decision making and allocation of resources
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Imagine we are eating pizza. The first slice gives me 12 happy points. The second slice gives me 10 happy points and the third slice takes me to a total of 30 happy places