Unformatted text preview: - the chapter uses this principle to explain how countries will determine what to produce and where they will sell their products. Not-All-Costs-Count-Equally- the chapter applies the principle of increasing opportunity costs (the low-hanging-fruit principle) to firm decisions. Equilibrium Principle- this principle is applied to the fall of communism and the provision of public education. Important Concepts ! Compound interest ! Diminishing returns to capital ! Entrepreneur...
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- Summer '08