1. Opportunity Cost, Marginal Analysis, Rationalism 2. Opportunity CostoOpportunitycost is the benefit forgone from the alternative that is not selected. Opportunity cost…

Marginal Analysis A Key to Economic Analysis 1 Marginal Analysis Marginal analysis is used to assist people in allocating their scarce resources to maximize the benefit of…

Slide 11 Marginal Analysis A Key to Economic Analysis Slide 2 2 Marginal Analysis Marginal analysis is used to assist people in allocating their scarce resources to maximize…

Slide 1 Welfare Analysis Slide 2 Ranking Economic systems  Objective: to find a criteria that allows us to rank different systems or allocations of resources.  This…

Slide 1 Chapter 2: Opportunity costs Slide 2 Scarcity Economics is the study of how individuals and economies deal with the fundamental problem of scarcity. As a result of…