ECN 211 Chapter Notes - Chapter 1: Seat Belt, Marginal Cost, Opportunity Cost
Document Summary
A study of mankind in the ordinary business of life. It"s about people: how they make decisions, interact with one another, and how their interactions in uences the course of society overall. Learning economics will be useful in any career path. To get something we like, we usually have to give up something else that we like. An hour spent studying for econ -> gave up -> an hour she could"ve spent studying for psych. Hours spent studying -> gave up -> hours she could"ve spent napping, watching tv, working, etc. Choosing to spend an extra dollar on one of these goods -> gave up -> one less dollar to spend on some other good. The more society spends on national defense (guns) -> gave up -> less it can spend on consumer goods (butter) E ciency- society is getting the maximum bene ts from its scarce resources. Equality- those bene ts are distributed uniformly among society"s members.