Examlex
What is determinism? How is it different from the thesis that there is no free will?
Opportunity Cost
The cost of forgoing the next best alternative when making a decision, used to evaluate the trade-offs in economic decision-making.
Marginal Principle
A decision-making practice that involves considering the additional benefits or costs of a change in activity level, choosing to increase the level if the marginal benefits exceed marginal costs.
Resources
Assets, materials, or substances available for use in the production process, human activities, or for satisfying needs.
Economists
Professionals who study how societies use scarce resources to produce valuable commodities and distribute them among different people.
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