ECON 2 Lecture 1: ECON 2 Lecture 1 - Scarcity and Choice
23 Jan 2019
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Econ 2 lecture 1 - scarcity and choice. Study of the small pieces of the economics. Studies economics behavior at a fairly narrow level. Study of the economics on a more overall level. Determining whether or not the theory is accurate through experiments. There are limits on what we can do. Given to people, a group, or an entity at some point. The value of the next best alternative option. Opportunity cost of a bought good is normally its price. Opportunity costs don"t always have a dollar value. Income you would make (if you get a job) Using theater tickets whose market has changed since you bought them. Selling the tickets for a higher price. Combination of two products an economy can produce by just using all its resource. Goods that would make us more productive. Ppc for consumption (c) & investment (i) goods. If you want to produce more consumption goods, you have to give up some investment goods.
