ADM-614 Topic 1 DQ 1- The economic way of thinking requires administrators to incorporate...

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ADM-614 Topic 1 DQ 1

Economics for Public Administrators - The Economic Perspective

GCU

The economic way of thinking requires administrators to incorporate eight principles. One of the principles relates to “tradeoffs” and another principle relates to “opportunity costs” for scarce resources. Describe how public administrators must make trade-offs by assessing opportunity costs relating to scarce resources.