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Intro to rational choices, benefit, and cost
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Intro to rational choices, benefit, and cost
1:42
About this lesson
Economic Way of Thinking Overview:
Rational Choices
- Comparing Benefit and Cost
- Net Benefit = Benefit - Cost
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Video 1 of 8
Intro to rational choices, benefit, and cost
2 min
• Selected
Understanding opportunity cost and benefit
2 min
Understanding choices at the margin using marginal benefit and cost
6 min
Understanding and responding to incentives in economics
3 min
Calculating net benefit using the correct formula
2 min
Finding maximum benefit using marginal benefit and marginal cost
2 min
Identifying what rational choices lead us to respond to
2 min
Deciding to increase units when marginal benefit exceeds marginal cost
2 min