ECON 1B03 Lecture : Ch 1 Introduction.pdf

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16 Sep 2013
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ECON 1B03 Full Course Notes
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Resources are scarce: a resource is anything that can be used to produce something else, the big 3 resources: land, labour, physical capital (buildings, machinery, etc. ) To get one thing, we usually have to give up something else: full-time schooling v. full-time employment, food v. clothing, leisure time v. work. Making decisions requires trading off one goal against another. Opportunity costs: the opportunity cost of something is everything you have to give up to get it, it is the cost of the best forgone alternative. Your tuition costs , books cost and your apartment costs . income this is a larger foregone alternative and implicit cost: so what is the opportunity cost of coming to. Mac: it"s the value of the best foregone alternative. The lost wages (value of versus the. car) plus the spent on tuition, books and accommodation.

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