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Author Question: What does the word marginal mean in economics? What is a marginal benefit? What is a marginal cost? ... (Read 154 times)

fox

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on: Jun 29, 2018
What does the word marginal mean in economics? What is a marginal benefit? What is a marginal cost? What is marginal analysis?
 
  What will be an ideal response?

Question 2

Define the terms of trade.
 
  What will be an ideal response?
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vkodali

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Reply #1 on: Jun 29, 2018
Answer to Question 1

In economics, the word marginal means extra or additional. Marginal benefit is the additional benefit received from continuing with an activity. Marginal cost is the additional cost associated with continuing with an activity. Marginal analysis involves comparing marginal benefits and marginal costs.

Answer to Question 2

The terms of trade represent the ratio at which a country can exchange domestic products for imported products.


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