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Examen
Aec 3133 Msu Exam 1
AEC 3133 MSU
AEC 3133 MSU
Micro-economics - -Studies individual firm and household choices and behavior in individual markets Scarcity - -Having a limited budget, having more of one good thing means necessarily having less of another Scarce goods - -Goods that have higher prices and people with scare skills receive higher wages. Opportunity Cost - -The cost of something is not only the money you pay for it, but the time, effort (and sometimes sanity) you give up to get is as well. "There is no such th...
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