Cost-Benefit Analysis- Micro Topic 1.5

Jacob Clifford discusses how economics involves analyzing choices and making decisions. Through thought experiments, he illustrates how preferences can change based on alternatives. He explains the concepts of explicit and implicit benefits and costs, total utility, and opportunity costs. Clifford emphasizes that every decision involves weighing benefits and costs, and that public education, while seemingly free, has hidden costs. He concludes with practical examples and a pop quiz to reinforce the concepts.

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