The Economic Way of Thinking

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One cannot take a call on how do economists think and how do they come to any decision related to economic issues. And therefore, while studying about economics, the question answered under the platform give us an idea on the scope of the same in the real world. Let’s pin down the major key ideas that are relevant to way of thinking in the world of economics.

They are as follows:

  • A choice can be said as trade off
  • Making a rational choice
  • Benefit what you gain
  • Cost: you are required to give up
  • How much? Choosing at margin
  • Choices respond to incentives

 

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