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Lecture

Ten Principles of Microeconomics

2 Pages
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Department
Economics
Course Code
ECON 1050
Professor
Bryce Mc Bride

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Description
Lecture September 10September 10 2013236 PMWhy is Economics important for meAbout choices involving finite resourcesPersonal choicesaProfessional choicesbPolitical choicescWhat is EconomicsA social scienceLooks at human behavior using a sciencyish methodtestingCreate models to test hypothesisaThe study of rational human decision making in the face of limited resources and unlimited wantsThe more you know the more youre curious aboutScarcity everyone faces itLimited resources more wantsRequires we make choices Imply tradeoffs and opportunity costsYou can make choices to better yourself at any ageTen PrinciplesTrade Offs1Every choice implies choices not takenOpportunity cost2The secondbest option not taken when a choice is madeDefine our choices more than financial costsWhat you give up to do somethingThe margi
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