Class Notes (920,388)
CA (542,228)
UTSG (45,859)
ECO (1,645)
ECO101H1 (575)
Jack Carr (83)
Lecture 1

Lecture 1-The Economic Way of Thinking

4 Pages
931 Views

Department
Economics
Course Code
ECO101H1
Professor
Jack Carr

This preview shows page 1. Sign up to view the full 4 pages of the document.
ECO100
James E. Pesando
Tuesday, September 11, 2009.
The Economic Way of Thinking
The Economic Problem
SCARCITY requires CHOICES
- Limited resources
- Unlimited wants
Economic Decision Making
#1 People Face Tradeoffs
#2 The Cost of Something is what You Give Up to Obtain It
(Opportunity Cost)
Def. OPPORTUNITY COST
The opportunity cost of an action is what one forgoes (fives up) by not taking the
best alternative action.
Insights:
(1) 7KHTXHVWLRQ³6KRXOG,GR;´VKRXOGEHUHSODFHGE\
³6KRXOG,GR;RU<ZKHUH<LVWKHPRVWKLJKO\YDOXHGDOWHUQDWLYHWR;"´
(2) Opportunity cost includes time cost as well as money cost.
www.notesolution.com

Loved by over 2.2 million students

Over 90% improved by at least one letter grade.

Leah — University of Toronto

OneClass has been such a huge help in my studies at UofT especially since I am a transfer student. OneClass is the study buddy I never had before and definitely gives me the extra push to get from a B to an A!

Leah — University of Toronto
Saarim — University of Michigan

Balancing social life With academics can be difficult, that is why I'm so glad that OneClass is out there where I can find the top notes for all of my classes. Now I can be the all-star student I want to be.

Saarim — University of Michigan
Jenna — University of Wisconsin

As a college student living on a college budget, I love how easy it is to earn gift cards just by submitting my notes.

Jenna — University of Wisconsin
Anne — University of California

OneClass has allowed me to catch up with my most difficult course! #lifesaver

Anne — University of California
Description
ECO100 James E. Pesando Tuesday, September 11, 2009. The Economic Way of Thinking The Economic Problem SCARCITY requires CHOICES - Limited resources - Unlimited wants Economic Decision Making #1 People Face Tradeoffs #2 The Cost of Something is what You Give Up to Obtain It (Opportunity Cost) Def. OPPORTUNITY COST The opportunity cost of an action is what one forgoes (fives up) by not taking the best alternative action. Insights: (1) 7KHTXHVWLRQ³6KRXOG,GR;´VKRXOGEHUHSODFHGE\ ³6KRXOG,GR;RU
More Less
Unlock Document


Only page 1 are available for preview. Some parts have been intentionally blurred.

Unlock Document
You're Reading a Preview

Unlock to view full version

Unlock Document

Log In


OR

Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit