ECN 104 Lecture Notes - Lecture 1: Fallacy, Pood, Birds Eye
Document Summary
The study of the use of scarce resources to satisfy unlimited human. Economics is the social science concerned with the efficient use of scarce resources to obtain the maximum satisfaction of society"s unlimited wants. The social science concerned with how individuals, institutions, and society make optimal(best) choices under conditions of scarcity [new definition] Is the social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with scarcity and the incentives that influence and reconcile those choices. Scarcity resources are not enough to satisfy all wants -> choice marginal cost- benefit analysis. The budget line: list out the options o o. Shows the possible combinations of dvds and books which can be bought with , given the prices of the two products. Mix and match the amounts of product for a total of .
