Give short answers to explain the following Remember the...

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GIE 1001 / EXEE 1302 Introduction to Economics / Principles of Economics Tutorial 1 1. Give short answers to explain the following (Remember the keywords): a) Opportunity cost: Value of the next-highest-valued alternative use of that resource.
b) Marginalism: Explain the discrepancy in the value of goods and services by reference to their secondary, or marginal, utility. The process of analyzing the additional or incremental costs or benefits arising from a choice or decision.
c) Macroeconomics: studies how the aggregate economy behaves.
d)
e)

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