1. 2 Which Costs and Benefits to Measure? Controllability: Cost or benefit that changes because of the decision Measured relative to status quo Relevance:
What is Economics? ES: Demonstrate intellectual courage.
Basic Economic Concepts
Basic Economic Concepts Basic Economic Vocabulary Needs are Necessities for survival Wants are Ways of expressing needs and/or goods and services consumed.
Pertains to the principles of conduct that individuals use in making choices and guiding their behavior in situations that involve the concepts of right.
