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ECN 104 Lecture Notes - Lecture 1: Marginal Utility, Opportunity Cost, Birds Eye View

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School
Ryerson University
Department
Economics
Course
ECN 104
Professor
Teresa Fung

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Document Summary

Incentives decisions opportunity cost: opportunity cost- in terms of the highest alternative (value) The economic problem of a consumer: limited income, unlimited wants: bundle of goods/services, the budget line: list out the options. Example: given to buy dvds and books, what are the options if the price of a. Dvd is and the book is : budget line- shows the possible outcomes of dvds and books which can be bought with, given the price of the two products. Equation for the budget line: 20y + 10x = 120. Y= (120/20) (10/20)x= 6 0. 5x book dvd slope. Free for all? (cid:498)there is no free lunch(cid:499: resources are used to produce goods and services, these resources have alternate uses, free to individuals, not society. Fast food lines: cost benefit decision: marginal analysis. If marginal costs > marginal benefit, don"t do it.

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Related Questions

Economics is the social science that studies:
a. how people make choices to cope with scarcity.
b. how choices made in the social interest could eliminate scarcity.
c. the real reasons people buy goods and services.
d. whether the nation has enough natural resources.
e. the psychology of individuals and businesses.
Economics is a social science concerned with
A. the best use of scarce resources to achieve the maximum satisfaction of economic wants.
B. increasing the level of productive resources so there is a minimum level of income.
C. increasing the level of productive resources so there is maximum output in the society.
D. the best use of scarce resources paid for at the minimum level of cost to consumers and businesses.
economics is a social science that studies how individuals, institutions, and society may:
 
a. businesses market products under competitive conditions.
b. stock and bond prices fluctuate when there are changes in demand or supply.
c. the government allocates its budget among competing political interests.
d. make choices that affect the allocation and distribution of scarce resources. 
e. high employment and low inflation levels can be maintained.
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