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1-2 Vocabulary jw
Question | Answer |
---|---|
methods used to encourage people to take certain actions. | Incentive |
The benefit or satisfaction received from using a good or service. | Utility |
Means to make decisions according to the best combination of costs and benefits. | economize |
The alternative people give up when they make choices. | Trade-off |
The value of something that is given up to get something else that is wanted. | Opportunity Cost |
An approach that weighs the benefits of an action against its costs. | Cost-benefit analysis |
The additional cost of using one more unit of a product. | Marginal Cost |
The additional satisfaction from using one more unit of a product. | Marginal Benefit |