Term
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Definition
| the total benefits of n units of activity divided by n. |
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Term
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Definition
| the total cost of n units of activity divided by n |
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Term
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Definition
| the study of how individuals make choices under conditions of scarcity and the resulting effects |
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Term
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Definition
| the difference between the benefits of taking the action and the cost of taking the action |
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Term
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Definition
| the subfield of economics that concentrates on the performance of the national economy and the effects of governmental policies |
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Term
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Definition
| the extra benefit experienced as a result of one unit increases in the amount of activity chosen. |
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Term
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Definition
| the extra cost experienced as a result of one unit increase in the amount of activity chosen |
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Term
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Definition
| the subfield of economics that concentrates on the behavior of individual markets |
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Term
| normative economic principle |
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Definition
| a principle that says how people should behave |
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Term
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Definition
| the value of the next best alternative not selected |
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Term
| positive economic principle |
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Definition
| a principle that predicts how people will behave |
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Term
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Definition
| a person with well-defined goals and tries to achieve them |
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Term
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Definition
| cost that cannot be recovered regardless of the alternative chosen |
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Term
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Definition
| a value in an equation that is fixed |
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Term
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Definition
| the variable that is caused by or is being determined in an equation |
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Term
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Definition
| a mathematical statement of the relationship between two or more variables |
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Term
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Definition
| the variable or variables that cause or determine the relationship in an equation |
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Term
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Definition
| when calculating slop, the vertical distance a straight line travels between any two points |
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Term
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Definition
| when calculating slope, the vertical distance a straight line travels between any two points |
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Term
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Definition
| when calculating slope, the horizontal distance a straight line travels between any two points |
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Term
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Definition
| in a straight line, the ratio of the vertical distance to the corresponding horizontal distance between any two points |
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Term
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Definition
| items thought to be related which can take on different numerical values |
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Term
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Definition
| the value of the dependent variable when the value of the independent variable is zero |
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