Title: Best Economics Unit 1 Flashcards | Quizlet
Headings: Economics Unit 1
Economics Unit 1
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Content: A decision is made between one or more options. A trade-off is all alternatives given up when choosing one option. The other other alternatives in that decision are the trade-offs. Therefore, every decision involves trade-offs. What does opportunity cost mean? Why are they important to economists? Opportunity cost is the most desirable alternative given up as the result of a decision. It is important because it creates opportunities and variation in the economy. What does thinking at the margin mean? Can you provide an example?