Change: Let's take the example of going to college. The explicit cost is tuition, board, and books. However, implicit costs may be such things as the money you would have made if you have received a job, or the workplace experience you would have gained. Anything that the   View changes from previous version. (Word count: 520)

Change: "Utilitarianism is not merely an explanation of cause and effect in human behavior, but it is an ethical standard, a justification for self- interested behavior." (Jeremy Bentham) People attempt to maximize pleasure (utility) and minimize pain (disutility). We allocate our time, energy, and money to maximize our satisfaction Purposeful Behavior   View changes from previous version. (Word count: 465)

Change: which imply sacrifices. Opportunity costs (or the opportunity loss) :the price that it costs to obtain a desired good over another choice Everything has a opportunity cost: “There is no free lunch” Anything that the consumer wants is scarce Any material that is needed   View changes from previous version. (Word count: 362)

Change: We allocate our time, energy, and money to maximize our satisfaction Purposeful Behavior is rational and is derived when people weigh their costs and benefits in making a decision. It simply   View changes from previous version. (Word count: 395)

Change: costs (or the opportunity loss) :the price that it costs to obtain a desired good over another choice Everything has a oppurtunityopportunity cost Purposeful Behavior: Behaviour which is initiated by "rational self-interest", and is not triggered randomly. utility: The satisfaction or happiness one   View changes from previous version. (Word count: 340)

Change: costcosts to obtain a desired good over another choice Everything has a oppurtunity cost Purposeful Behavior: Behaviour which is initiated by "rational self-interest", and is not triggered randomly. utility: The satisfaction or happiness one receives from buying/consuming something, such as a luxery good. Increasing utility is usually the motive   View changes from previous version. (Word count: 319)

Change:  the marginal benefit is that you are able to finish your essay and hopefully pass. So if you want to pass your class (marginal benefit exceeds cost) then you will stay up late. If you dont really care, then you'll decide to go to sleep(marginal cost exceeds benefit).   View changes from previous version. (Word count: 319)

Change: Marginal analysis compare marginal benefits and marginal cost, which helps with decision making. When marginal benefit is greater than the cost, the desired good is   View changes from previous version. (Word count: 146)

Change:  Scarcity and Choice:opportunity costs:Purposeful Behavior:utility:Marginal Analysis: Benefits and Costs   View changes from previous version. (Word count: 13)

Change: Created by welkerjason Aug 13 2007, 10:12 PM EDT for: no reason given