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Social Sci LibreTexts

2: Choice in a World of Scarcity

  • Page ID
    316
  • [ "article:topic-guide" ]

    This chapter will continue our discussion of scarcity and the economic way of thinking by first introducing three critical concepts: opportunity cost, marginal decision making, and diminishing returns. Later, it will consider whether the economic way of thinking accurately describes either how choices are made or how they should be made.