CAS EC 101 Lecture Notes - Lecture 1: Seat Belt Laws In The United States, Final Good, Opportunity Cost
31 views2 pages
6 Apr 2016
School
Department
Course
Professor
tealzebra3 and 39199 others unlocked
56
CAS EC 101 Full Course Notes
Verified Note
56 documents
Document Summary
1 & 2 - an introduction to economics. Society faces many decisions: allocate resources and output. Scarcity the limited nature of society"s resources. Analyze forces and trends that affect economy as whole. How people make decisions: people face trade-offs. There ain"t no such thing as a free lunch : to get something we like, we usually have to give up something else we want. Making decisions: trade off one goal against another. Trade-offs: students" time, parents" income, society (national defense vs. consumer good, etc. ) Efficiency society getting the maximum benefits from its scarce resources: size of economic pie. Equality distributing economic prosperity uniformly among the members of society: how pie is divided into individual slices, the cost of something you give up to get. People face trade-offs make decisions: compare cost with benefits of alternatives. Opportunity cost: whatever must be given up to obtain some item, rational people think at margin.
Get access
Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers