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Chapter 1: First Principles ? CREATEDATE ?24/08/2011 7:54 PM? Individual Choice: The Core of Economics Individual choice: decisions by anindividual about what to do and what not to do Principles that underlie the economics of individual choice 1. Resources are scarce 2. The real cost of something is what you must give up to get it 3. "How much?" is a decision at the margin 4. People usually exploit oppurtunities to make themselves better off Resources are scarce resource: anything that can be used to produce something else