Intro to Economics Week 1
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Last updated 4:52 PM on 11/9/25
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5 Terms
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Factors of production
Capital, Labour, Land and raw materials
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Microeconomics
Individual consumers, businesses, or markets
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Opportunity cost
Value of the next best alternate option that you give up when making a decision
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Opportunity cost of 1 unit of X
Units of Y/ Units of X
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Marginal cost
Additional cost of producing one more unit of a good or service
Note 
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