ECON 1900 Lecture Notes - Lecture 1: Opportunity Cost, Canadian Dollar, Bes

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Economics how individuals, businesses, and governments make the best possible choices to get what they want, and how those choices interact in markets. Scarcity the problem that arises because we all have limited money, time and energy, inability to satisfy all of our wants. You have to choose, and if you want the most out of what limited money and time you have, you need to make smart choices. Opportunity cost cost of best alternative given up, more important than money cost. To make a smart choice, the value of what you get must be greater than the value of what you give up. Trade is key to our prosperity, trade is voluntary. Any time two people make a voluntary trade, each person must feel that what they get is of greater value than what they give up, no mutual benefits then no trade. * opportunity cost if the key to mutual benefits from trade.

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