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Unformatted text preview: : Marginal benefit : Inputs (land, labor, capital, entrepreneurship) technology Outputs (service, consumption goods) Absolute price: $ Relative price: price of goods in terms for other goods When you make decisions you are trying to maximize your benefits Economic efficiency: it is achieved when we produce the combination of outputs with the highest attainable total value given our limited resources. Positive economics: What is? Normative economics: What should be? Macroeconomics: employment, economic growth, aggregated Microeconomics: individual decision, firms...
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This note was uploaded on 08/31/2008 for the course ECON 101 taught by Professor Balaban during the Fall '07 term at UNC.
- Fall '07