ECN 104 Lecture Notes - Lecture 1: Opportunity Cost, Marginal Cost, Seat Belt

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Individuals: what to purchase, how much to save, how many hours to work, etc: this chapter will be based on how these decisions are made. In addition, you are giving up other career paths: waiting in a long line for a free item costs your time. There is no such thing as free lunch (principle #3: rational people think at the margin: rational people: someone always try to do their best to achieve their objectives. Ecn104 (lecture 1) prof : tsogbadral galaabaatar: when the government didn"t think thoroughly about all the incentives, unintended consequences can happen, seat belt law changes how people drive. As result, there were no change in the number of driver deaths: some say, to decrease the number of concussions in the nfl, you need to stop the use of helmets. How people interact (principle #5: trade can make everyone better off: trade allows each individual to specialize in the activities she or he does best.

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