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Unit Plan

Texas Gateway: How Individuals Make Choices Based on Their Budget

Curated by ACT

By the end of this section, you will be able to calculate and graph budgets constraints, explain opportunity sets and opportunity costs, evaluate the law of diminishing marginal utility, and explain how marginal analysis and utility influence choices.

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Concepts
marginal analysis, opportunity cost, budgeting
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Additional Tags
budget constraints, law of diminishing marginal utility, sunk costs, utility, ap macroeconomics, texas gateway, texas gateway: how individuals make choices based on their budget, costs and diminishing marginal product
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Classroom Considerations
  • Knovation Readability Score: 4 (1 low difficulty, 5 high difficulty)
  • The intended use for this resource is Instructional