Economic Concepts
This term describes the cost of forgoing the next best alternative when making a decision.
What is opportunity cost?
This term is used to describe the extra cost associated with producing one additional unit of production
What is marginal cost?
This is the additional revenue that will be generated from selling one more unit of a product or service
What is marginal revenue?
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Who is Noe?
This is the concept that explains the benefit that a country, company, or individual has due to its unique capabilities
What is comparative advantage?
This formula represents the additional effect of choosing one solution over another in marginal analysis
What is A – B = C? (what is marginal effect?)
This is the additional benefit that is derived from consuming or producing one more unit of a good or service
What is Marginal Benefit?
This person joined Koch in 2014 and before working for Treasury he worked for Molex AP.
Who is Frank?
This form of analysis is used to compare different alternatives by focusing on their incremental differences.
What is marginal analysis?
This is the primary focus that matters for decision-making when conducting marginal analysis
What is having alternatives?
This is the point at which the marginal cost of producing an additional unit is equal to the marginal revenue or benefit gained from selling that unit
What is break-even point?
This person has participated in night swimming marathon and in his spare time enjoys sailing
Who is Michal?