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Chapter 1- 7 Verified Study Resources for All Testing Exams
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systematically and purposefully do the best they can to achieve their objectives, economic rationality Economic rationality people compare the costs and benefits to maximize personal advantage... people do what's best for them Think at the margin people make decisions by evaluating costs and benefits of marginal changesincremental adjustments to an existing plan. Most choices involve how much of something to do rather than whether to do it at all.. Whether or not to use an additional unit of some resource Principle 4 people respond to incentives (paid by hour vs paid by passenger) rational people respond Incentive
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chapter 1 7 verified study resources for all test
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economics social science that studies human behavi
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