complements in production
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Positively related in production. Price increases A, Quantity supplied of A
increases, Supply of B increases, Quantity supplied of b increases. Ie wheat
(stork and flower)
, Incentives
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A reward (e.g., subsidy) or penalty (e.g. tax) that encourages or discourages
an action. Are designed to 'steer' or change behaviour
Rational decision
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Where costs and benefits are taken into consideration (MB>MC)
Marginal Benefit (MB)
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The additional gain (ie happiness or utility) of your choice
Marginal cost (MC)
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The additional cost of your choice (time or money or other)
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Positively related in production. Price increases A, Quantity supplied of A
increases, Supply of B increases, Quantity supplied of b increases. Ie wheat
(stork and flower)
, Incentives
Give this one a try later!
A reward (e.g., subsidy) or penalty (e.g. tax) that encourages or discourages
an action. Are designed to 'steer' or change behaviour
Rational decision
Give this one a try later!
Where costs and benefits are taken into consideration (MB>MC)
Marginal Benefit (MB)
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The additional gain (ie happiness or utility) of your choice
Marginal cost (MC)
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The additional cost of your choice (time or money or other)
