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Chapter 1-3 Vocab - Chapter 1 Economics Scarcity our wants...

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Chapter 1. Economics Scarcity - our wants and our means of fulfilling those wants Deduction – method of reasoning general specific Induction – method of reasoning specific general Marginal cost – additional cost to you over and above the costs you have already incurred Sunk costs- costs that have already been incurred and cannot be recovered Marginal benefit – additional benefit above what you’ve already derived Opportunity Cost – the benefit that you might have gained from choosing the next best alternative Market Force – an economic force that is given relatively free rein by society to work through the market Invisible Hand – the price mechanism, the rise and fall of prices that guides our actions in a market Abduction – uses a combination of inductive and deductive methods Economic Model – framework that places the generalized insights of theory in a more specific contextual setting Economic Principle
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