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Cowen and Tabarrok

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Term
Definition
Incentives   show
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show when there isn’t enough to satisfy all our wants. Or, an ever-present condition that comes from the fact we have unlimited wants but limited resources  
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The Great Economic Problem   show
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show the value of the options lost. Or, represent the benefits an individual, investor or business misses out on when choosing one alternative over another  
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show the reduction in costs created when goods are mass-produced. Or, refers to reduced costs per unit that arise from increased total output of a product.  
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Created by: eclardy
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