SOC 103 Lecture Notes - Lecture 2: Opportunity Cost, Positive Statement, Fallacy
4 Dec 2018
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Reminder: use d2l mh campus link to register and login. Graded assignment 1 will be due sep 30 at 11:30 pm. Answer: it should be in terms of the next best alternative forgone. It should not be just the tuition cost. 1. 2 what is the economic meaning of the slope of the budget line shown in class: opportunity cost of a book in terms of dvds, opportunity cost of a dvd in terms of books. Economics: resource allocation to satisfy the unlimited and diverse wants of a society. Opportunity cost: in terms of (next best) alternatives forgone. Can be tested by comparing it to facts. The statement that what is true of the part is true of the whole or what is true of the whole is true of the parts. The error or reasoning that a first event causes a second event because the first occurred before the second. Correlation: when x increases, y also increases.
