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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Mr. MayerAP Macroeconomics
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.