Eco202 - Study guides, Class notes & Summaries

_______________ include both the private costs incurred by firms and also costs incurred by third parties outside the production process. Social Costs As a person receives more of a good, the _______________ from each additional unit of the good declines. marginal utility Attending college is a case where the ________________ exceeds the monetary cost. opportunity cost Because of the nature of the comprehensive environmental laws adopted during the late 1960s and early 1970s by the Un...

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Economist use the certeris paribus assumptionto isolate the factor of interest and investigate its effects in the clearest possible way Ceteris Parubisother things being equal or other things remaining constant When people make rational choices they...weigh the costs and benefits of their options and act to satisfy their wants You can spend the evening studying or you can go see a movie. You choose to spend the night studying....Marginal benefit of spending the evening studying is great...

What was the labor force participation rate - ️️The labor force participation rate is simply the labor force divided by the population Unemployment was particularly high during - ️️The Great Depression. Someone 18 years old who is not employed and is not actively seeking work is considered - ️️Not in the labor force If more teenagers stay in school longer rather than dropping out and entering the labor force, - ️️The production possibilities curve shifts inward. All of the fo...

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Latest Module 5 - Milestone 3 Microeconomics (ECO201) NIKE ANALYSIS Latest Verified Review 2023 Practice Questions and Answers for Exam Preparation, 100% Correct with Explanations, Highly Recommended, Download to Score A+ NIKE ANALYSIS Costs of Production As a company with a large international base, Nike faces more revenue risk than that of domestic-only businesses. This somehow does not seem to impact their annual revenue growth. Historically the company’s revenues in the first and four...