Mr. Mayer AP Macroeconomics. Key Assumptions in Economics, Scarcity, Opportunity Cost and the Production Possibilities Curve. Key Assumptions in Economics. People are rationally self-interested They seek to maximize their utility (happy points) People generally make decisions at the margin
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Key Assumptions in Economics, Scarcity, Opportunity Cost and the Production Possibilities Curve
labor and capital in new ways in order to make profit
There is no such
thing as a free
Everything has a cost.