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trade-off
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the act of giving up one benefit in order to gain another, greater benefit
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terms list
trade-off
the act of giving up one benefit in order to gain another, greater benefit
guns or butter
the idea that a country that decides to produce more military goods has fewer resources to produce consumer goods and vice versa
opportunity cost
the most desirable alternative given up as the result of a decision
thinking at the margin
the process of deciding whether to do or use one additional unit of some resource
cost/benefit analysis
a decision-making process in which you compare what you will sacrifice and gain by a specific action
marginal cost
the extra cost of adding one unit
marginal benefit
the extra benefit of adding one unit
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