Econ Concepts

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Issue:

Business

 

Written by:

Donna P

 

Date added:

May 15, 2015

 

Level:

University

 

Grade:

B

 

No of pages / words:

3 / 653

 

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8889 times

 

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In other words, the benefits someone could have received by taking an alternative action. This can be applied to both economics as well as to the individual decision making processes. This was chosen to demonstrate that decisions made in life impact the possible results. I “The amount of other products that must be forgone or sacrificed to obtain 1 unit of a specific good” (McConnell & Brue, 2004, p20)...
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This concept can be applied to : • Manufacturing • Energy efficiency • Food production The ability for any business or government to produce as much as possible without wasting any limited resources is essential. Efficient production is achieved when a product or good is created at its lowest cost...
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