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Behavioral Economics
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Jointly analyzes the economic and psychological factors that explain human behavior. (44)
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Optimum
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The best feasible choice. In other words, the optimum is the optimal choice. (47)
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Marginal Analysis
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A cost-benefit calculation that studies the difference between one feasible alternative and the next feasible alternative. (49)
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Marginal Cost
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The extra cost generated by moving from one feasible alternative to the next feasible alternative. (50)
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The Principle of Optimization at the Margin
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This principle states that an optimal feasible alternative has the property that moving to it makes you better off and moving away from it makes you worse off. (51)
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