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ECO105Y1 (87)
Avi Cohen (49)
Lecture

Lecture 001 (September 9th, 2013).docx

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Department
Economics
Course
ECO105Y1
Professor
Avi Cohen
Semester
Fall

Description
Scarcity & Choice "because you can never satisfy all of your wants, making the most out of your life requires smart choices about what to go after and what to give up" Economics is how individuals, businesses and governments make the best possible choices and how those choices interact in markets Problem of Scarcity arises because of limited money, time and energy "Economy is the art of making the most out of life" - George Bernard Shaw Economics for Life Microeconomics analyzes individual choices in households, businesses and governments Macroeconomics analyses performance of the whole Canadian economy and global economy Give it up for Opportunity Cost Opportunity Cost  Every choice involves a trade-off, you have to give up something to get something else  True cost of any choice is the opportunity cost, cost of best alternative given up  For a smart
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