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Macroeconomics Notes for Chapters 1 & 2

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Macroeconomics Ch. 1 & 2 Notes Economics ? social science concerned w/ the efficient use of scarce resources to achieve maximum satisfaction of economic wants Rational self interest ? individuals pursue actions that give them the greatest satisfaction (cost & benefit) Marginal ? extra/additional Marginal analysis is used for every decision, each option includes marginal benefits and marginal costs MB=MC (okay) MB>MC (good) MB

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