Marginal concepts
Marginal concepts are like when you have a bunch of things, and you want to know how much more you would get if you added one more thing.
For example, if you have three cookies and you want to know how much more happiness you would get if you had one more cookie, that's a marginal concept. The extra happiness you get from that one extra cookie is called the marginal benefit. On the other hand, if you had to give up something to get that extra cookie (like you had to give up playing with your toy for 5 more minutes), the thing you gave up is called the marginal cost.
So, marginal concepts are all about looking at the benefits and costs of adding or taking away one more thing from a bunch of things you already have. It helps you make better decisions about what you should do next.
For example, if you have three cookies and you want to know how much more happiness you would get if you had one more cookie, that's a marginal concept. The extra happiness you get from that one extra cookie is called the marginal benefit. On the other hand, if you had to give up something to get that extra cookie (like you had to give up playing with your toy for 5 more minutes), the thing you gave up is called the marginal cost.
So, marginal concepts are all about looking at the benefits and costs of adding or taking away one more thing from a bunch of things you already have. It helps you make better decisions about what you should do next.