principals-concepts-chap8

principals-concepts-chap8 - Not-All-Costs-Count-Equally-...

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Chapter 8 ECO 2013 Core Principles Cost-Benefit Principle - the chapter uses the cost-benefit principle to discuss workers' decisions to work at any given wage. It also applies this principle to government regulation. Principle of Comparative Advantage - the chapter this principle to discuss the effects of globalization on the standard of living.
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Unformatted text preview: Not-All-Costs-Count-Equally- this chapter applies the principle of increasing opportunity cost to introduce diminishing returns to labor. Important Concepts ! Diminishing returns to labor ! Frictional/structural/cyclical unemployment ! Worker mobility ! Skill-biased technological change...
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