Incentives, Choices and Decision Making
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Evaluate how individuals, organizations and governments respond to incentives in the decision making process.
Perform a cost-benefit analysis on a real-world situation, using economic thinking to describe the marginal costs and benefits of a particular situation.
Predict the way scarcity causes individuals, organizations and governments to evaluate tradeoffs, make choices and incur opportunity costs.
Evaluate how incentives determine what is produced and distributed in a competitive market system.