ECON 103 Lecture Notes - Lecture 2: Root Beer, Slurpee, Neurosurgery
20 Jun 2017
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X! factorial -> take the number (in this case, 4) and multiple it down (4x3x2x1) All our resources need to come together in some way i. Bad combinations of resources lead to disaster i. ii. Those who are not trained with neurosurgery shouldn"t be placed in a room with a scalpel and patient: put them somewhere where its logical. A logical process in play causes the resources to be combined and used productively, and to avoid bad combinations. Theories are stories: background/foundation on which the theories are built. 13 foundations of economic theory (a baker"s dozen!) i. Other example: gravity (not scarce on earth) ii. You need to feed your dog, you really want that pack of root beer, can"t get both the salad and the paper towels so you must decide which is more important to you, because you need to eat.
