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Lecture

Lecture 1, Micro economics Intro overview

1 Page
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School
UOIT
Department
Business
Course Code
BUSI 2050U
Professor
Ashfakuddin Rubel

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Description
Micro economics Intro overview Micro-Individual cases Decisions must be made according to the limited supplies Opportunity cost is to sacrifice for a risk (investment), the opportunity cost is the result of the sacrifice made in order to, hopefully, gain profit Marginal costs are the input of the company or person to gain more profit the difference is the marginal cost it can either be a gain or a loss depending on the marginal decision. To plan, or decide whether to make a certain action to hopefully gain more profit is known as a marginal analysis. Weighing the pros and cons and makin the decision Gains from trade: specializing is certain tasks then trading the outcomes Eq
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