Economics, opportunity cost, sunk cost

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Agriculture + Resrce Econ
AREC 202
Christopher Goemans

24 August What is economics? Study of how scarce resources are allocated to competing uses Scarcity – Not enough to satisfy the needs of everyone Competing uses Resource – Something that can be used for production (land, labor, time) Economic problem example Should I come to class on the first day? No: Other things to do, just gonna go over the syllabus. Had to get up, get ready, get dressed Why people make the decision they do Macroeconomics Macro scale Decisions by government International policy Inflation / Unemployment Microeconomics Smaller scale Studying decisions by individual firms and consumers Specific industries Opportunity cost The value of the next best alternative Costs sleep or free t
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