Summing Up the Key Ideas: Match the following terms with the correct definition. A. Rational decision D. Marginal benefit B. Self-interested E. Marginal cost C. Net benefit 1. When people make decisions for their own benefit and to further their objectives. 2. When a decision maker's goals are advanced as much as possible, given the limited money and time available. 3. The additional cost of taking the next step and doing something one more time. 4. The additional benefit of taking the next step and doing something one more time. __ 5. The benefit of a choice (measured in dollars) minus its cost;provides the dollar measure of the gain from a choice.

Question

Summing Up the Key Ideas: Match the following terms with the correct definition. A. Rational decision D. Marginal benefit B. Self-interested E. Marginal cost C. Net benefit 1. When people make decisions for their own benefit and to further their objectives. 2. When a decision maker's goals are advanced as much as possible, given the limited money and time available. 3. The additional cost of taking the next step and doing something one more time. 4. The additional benefit of taking the next step and doing something one more time. __ 5. The benefit of a choice (measured in dollars) minus its cost;provides the dollar measure of the gain from a choice.

Answer 1

1. B2. A3. E4. D5. C

Answer 2

## Step 1The term "Self-interested" refers to the concept where individuals make decisions that are in their own best interest. This aligns with the definition "When people make decisions for their own benefit and to further their objectives."## Step 2The term "Rational decision" is defined as a decision where an individual's goals are maximized given the constraints of time and money. This matches the definition "When a decision maker's goals are advanced as much as possible, given the limited money and time available."## Step 3The term "Marginal cost" refers to the additional cost incurred when making a decision or taking an action. This corresponds to the definition "The additional cost of taking the next step and doing something one more time."## Step 4The term "Marginal benefit" refers to the additional benefit gained when making a decision or taking an action. This aligns with the definition "The additional benefit of taking the next step and doing something one more time."## Step 5The term "Net benefit" is the difference between the benefit and the cost of a decision or action. This matches the definition "The benefit of a choice (measured in dollars) minus its cost; provides the dollar measure of the gain from a choice."

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