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Lecture 1

Lecture 1-The Economic Way of Thinking

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Department
Economics
Course
ECO101H1
Professor
Jack Carr
Semester
Fall

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
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