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Thinking Like An Economist - Coggle Diagram
Thinking Like An Economist
4 Important Decision
Failure to Ignore Sunk Cost
Failure to Understand The Average Marginal Distinction
Ignoring Opportunity Cost
Measuring Cost and Benefits as Proportions rather than Absolute Money Amount
Economics
Macroeconomics
Statements
Positive
Normative
Microeconomics
Principles
Scarcity Principle
TANSTAAFL
Cost-Benefit Principle
Benefits
Cost
Economic Surplus
Rational Person
Motivation
Opportunity Cost