ECON 208 Lecture Notes - Lecture 2: Financial Capital, Population Ageing, Physical Capital
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25 Dec 2018
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Issues of pressing concern: many of the challenges we face in canada and around the world are primarily economic. Economics: study of the use of scarce resources to satisfy unlimited human wants. Resources: a society"s resources are usually divided into land, labour and capital. Physical capital: items used to produce goods (tools, machines) Economists refer to resources as factors of production. Scarcity and choice: relative to our desires, existing resources are scarce, only enough to produce a fraction of the goods and services wanted. Every choice has an associated cost: opportunity cost. Opportunity cost: value of the nest best alternative that is forgone when one alternative is chosen. The graph shows the budget line for beer and pizza when has only 16$ to. The graph shows the budget line for beer and pizza when has only 16$ to spend on two goods. The negatively sloped line indicates the boundary between attainable and unattainable combinations.
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