Examlex
To an economist, theory can be thought of as
Economic Reasoning
Refers to the process of making decisions based on comparing costs and benefits.
Marginal Costs
The added expense to produce one more item; it can decrease or increase depending on production size and efficiency.
Marginal Benefits
The boost in satisfaction or usefulness derived from the consumption of an additional unit of a good or service.
Rational Individuals
People who make decisions by logically evaluating options based on their preferences and the likely outcomes to maximize their benefit or utility.
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