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