WEEK 9 DQ principles - Capstone DQ: Principles of Economics...

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Capstone DQ: Principles of Economics Capstone DQ: Principles of Economics Gregory Mann Axia College of University of Phoenix Xeco 212 1
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Capstone DQ: Principles of Economics How people make decisions apply to the first four principles of economics.  People facing trade-offs is principle number one.  This principle involves the  process of “you gotta give something to get something.”  The principle  considers the trading off of something against something else.  Principle two  is the cost of something is what you have to give or surrender to get it.  This  principle involves the decision making process of differentiating the implicit  and the obvious costs of their decision.  Consumers when giving cash for  electricity in their homes is an example.  The consumer needs and wants  electricity to power their homes and the cost is the cash for the service.  Xeco 212 2
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Capstone DQ: Principles of Economics Principle three involves the rational person thinking at the margin.  This  process considers the decision if and when the marginal benefit is greater the  the marginal cost.  This involves my current situation…Should I stay in on 
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This note was uploaded on 10/21/2010 for the course ECO 212 AACL0RVXH3 taught by Professor Shivers during the Spring '10 term at University of Phoenix.

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WEEK 9 DQ principles - Capstone DQ: Principles of Economics...

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