Microeconomics: Behavioral Economics
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Links decisions between businesses and individuals
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Behavioral Economics
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Increases likelihood we get what we want
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Rational Choice
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shortcuts to certain tasks
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Heuristics
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Myopia, time, self-control
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Brain Problems
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Difficulty in understanding what to do today to achieve something in the future
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Myopia
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"Accounting Costs," obvious, cash and non-cash
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Explicit Cost
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"Opportunity Costs," Not noticed
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Implicit Cost
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Keep adding people to the payroll and eventually the workplace becomes too crowded to be proficient
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Crowding Out Effect
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What do I have to make to achieve the lowest cost of production
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Minimum Efficiency Scale
