implicit costs
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foregone benefits from use of time and other resources in pursuit of a goal
double coincidence of wants
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difficulty in barter economy where it's improbable that traders will find
counterparts who've desired goods, at correct time, in correct place
production possibility frontier (ppf)
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depiction of all different combos of goods that rational actor with certain
personal goals can attain with fixed amount of resources
goal-oriented behavior
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behavior of market participants interested in fulfilling their own, personal
goals
bid price
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low price at which dealer is willing to buy from seller
fungible
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foregone benefits from use of time and other resources in pursuit of a goal
double coincidence of wants
, Give this one a try later!
difficulty in barter economy where it's improbable that traders will find
counterparts who've desired goods, at correct time, in correct place
production possibility frontier (ppf)
Give this one a try later!
depiction of all different combos of goods that rational actor with certain
personal goals can attain with fixed amount of resources
goal-oriented behavior
Give this one a try later!
behavior of market participants interested in fulfilling their own, personal
goals
bid price
Give this one a try later!
low price at which dealer is willing to buy from seller
fungible
