How Did War Mobilization Transform the American Economy and Government

question 64

Essay

How did war mobilization transform the American economy and government?

Understand the concept of marginal cost and marginal benefit and their roles in decision-making.

Recognize the concept of opportunity cost and how it influences choices.

Identify the principles of rational decision-making at the margin.

Apply concepts of costs (sunk costs, marginal costs) to real-world scenarios affecting economic decisions.