Economics 1021A/B Lecture Notes - Lecture 3: Opportunity Cost

Define economics and distinguish between micro and macro economics. Explain the key ideas that define the economic way of thinking: a choice is a trade

Economics 1021A/B Lecture 3: Economics 1021 Chapter 1-3 Notes from Lecture and Textbook

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The problem of scarcity and its implications, choice; opportunity cost, specialization and exchange; supply and demand; economic choices of households and firms; competition and monopoly; resource markets; public policy; income distribution.

Principles Of Microeconomics

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