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Define the points of individual choices makes and interact.
A. How individuals make choices:
• Scarcity
• Opportunity cost
• Trade-offs
• Marginal analysis
B. How individual choices interact:
• Trade
• Gains from trade
• Specialization
• Equilibrium
• Efficiency and equity
If the opportunity cost of producing extra units of one good (expressed in terms of the amount of another good that is sacrificed) remains constant, then the shape of the productio
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