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A snapshot of the summary - Microeconomics: Canadian Edition 3rd Edition
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9 decision making by individuals and firms
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Why does a good decision making depend on accurately defining costs and benefits?Lets find out
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What is the difference between Explicit and implicit cost?Lets find out
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What is the difference between accounting profit and economics profit and which profit is the correct basis for decision making , and why?Lets find out
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Ehat are the three types of economic decisions?Lets find out
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Why doe people behave in irrational yet predictable ways sometimes?Lets find out
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Why are decisions involving time different and how they should be madeLets find out
(chapter index) -
9.1 Costs, Benefits , and Profits
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Why do economists use Explicit and
Implicit costs? What relationship do they use it to compare with? That do they mean by those relationships- They use these costs to
compare the relationship between opportunity cost and themonetary outlays - Meaning the money they
forgo , and the time they spend, and the futureincome that they would gain as a result of decisions.
- They use these costs to
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Why do we need to know the cost and benefit concept , what do we asses with that conceptIn order to
asses the cost andbenefit and make either or decisions -
9.1.1 explicit versus implicit costs
This is a preview. There are 2 more flashcards available for chapter 9.1.1
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Why is Explicit cost the most obvious cost?Explicit cost is the
monetary cost that a personaccrues by making a decision -
What is significant about impilicit costs?It is the value or opportunity cost in (dollar
terms ) of thebenefit that areforgone .
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