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AP Microeconomics Chapter One Notes by Chris Lin is a document available to read on EtoBox.

1. Economists face trade-offs between wants and limited resources, such as national defense versus consumer goods. Opportunity cost is the next best alternative given up when choosing among options. 2. Rational individuals think at the margin and respond to incentives. They compare costs and benefits at the margin to determine the most efficient choice. Trade usually benefits all parties through increased specialization and efficiency. 3. Markets are generally efficient but can fail in cases like monopo

Author

Chris Lin

Language

EN