ECON 110 Lecture 2: Chapter 1 Economic Issues and Concepts (Part 1)

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ECON 110 Full Course Notes
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Econ110a - lecture 2 - chapter 1: economic issues and concepts. Economics is the study of how the material needs and wants of a society are satisfied. An economic system must satisfy three basic questions: what is produced, how is it produced, who consumes the goods and services produced. Fundamental economic problem stems from 2 basic facts and their implications: society has virtually limitless needs and wants in terms of goods and services, distinction is vague. Limited resources with which to satisfy these material needs and wants. Ultimately we end up with scarcity, which always leads to choices and opportunity costs. Opportunity cost is defined as the next best alternative. You choose to buy the latest igadget for . The opportunity cost is the next best alternative for the , such as a ski trip, an android phone, or to save.

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