Unformatted text preview: Opportunity cost The value of the other alternatives given up in order to enjoy a particular good or service. Self-Interested Behavior A basic assumption of economic theory that individual decision makers do what is best for themselves...
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This note was uploaded on 01/13/2012 for the course ECON 2306 taught by Professor Kamara during the Spring '11 term at University of Texas.
- Spring '11