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Canada (508,661)
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Economics (37)
ECON 2210 (30)
M.Yu (30)
Lecture

Seven ideas from econ.docx

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Department
Economics
Course
ECON 2210
Professor
M.Yu
Semester
Fall

Description
Seven ideas 1. Maximization: a. all individuals are motivated by greed 2. Substitution: a. everyone is willing to trade some amount of one good for some amount of another 3. Diminishing marginal value: a. the maximum one is willing to sacrifice at the margin for a good, per unit of time, declines the more one has of that good other things held constant 4. Opportunity cost: a. the cost of an action is the vlue of the highest forsaken value 5. Diminishing marginal prod
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