Concepts
Economics, one idea at a time. Each entry says what the idea claims, what it quietly assumes, and where it stops working. No prior course required.
- Comparative advantage Two people both gain from trading even when one of them is better at everything.
- Moral hazard Being protected from a risk changes how carefully you behave around it.
- Opportunity cost The real cost of anything is the best thing you gave up to get it, not the money you handed over.
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