ECO-2013 Lecture Notes - Lecture 1: Gdp Deflator, Thomas Sowell, Market Basket
Document Summary
Explain and credit behavior of consumers, forms and gov. A study of mankind in the ordinary business of life (alfred marshall) John m. keynes method to draw the correct conclusion. Steven levitt & stephen dubner super freakonomics (positive economics) Opportunity cost: what you give up (value of the next best alternative) Scarcity: the fundamental concept of economic that indicates that there is less of a good freely available from nature than people would like. Resources: an input used to produce economic goods. Capital: human-made resources (tools, equipment, and structures) used to produce other goods and services. Objective: a fact based on observable phenomenon that is not influenced by differences in personal opinion. Rationing: allocating a limited supply of a good or resource among people who would like to have more of it. Milton freedman only you can truly persuade yourself. The use of scarce resources is costly, so decision- makers must make trade-offs.
