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Economics: Difference between revisions
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== Useful Economic vocabulary, models & theories == | == Useful Economic vocabulary, models & theories == | ||
=== Cost === | === Cost === | ||
* prospective cost | |||
** a cost of a transaction that may be avoided if action is taken | |||
* sunk cost | * sunk cost | ||
** a cost of a transaction that has already been incurred, and is therefore irretrievable (can't be taken back) | |||
=== goods === | === goods === | ||