QMS 102 Lecture Notes - Lecture 16: Opportunity Cost

• School: Ryerson University
• Department: Quantitative Methods
• Course: QMS 102
• Professor: Nursel Ruzgar

Document Summary

Economics is the study of the use of resources that are scarce to satisfy unlimited human wants and desires. Economics is also the social science that is concerned with the efficient use of scarce resource to obtain a maximum amount of satisfaction of society"s unlimited wants. Economics is concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity. Economics is also a study of 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 is linked to choices. The economic problem of a consumer: limited income, unlimited wants; bundle of goods and services, the budget line; list out all the options.