Economists think in terms of key concepts 1 List the concepts that economists think in terms of 2 Define opportunity cost 3 Use the concept of opportunity cost to explain why some things are not done 4 Explain why economists consider costs and benefits, instead of only benefits 5 Explain why it is ...

1 Economists think in terms of opportunity cost and beha ...

Economists think in terms of key concepts. 1. List the concepts that economists think in terms of.

Question:

Economists think in terms of key concepts.
1. List the concepts that economists think in terms of.
2. Define Use the concept of to explain why some things are not done.
4. Explain why economists consider costs and benefits, instead of only benefits.
5. Explain why it is important to consider unintended effects.
Opportunity Cost
Opportunity cost is the profit lost when one alternative is selected over another. The Opportunity Cost refers to the expected returns from the second best alternative use of resources that are foregone due to the scarcity of resources such as land,...