ECON-E - Economics ECON-E 201 Lecture Notes - Lecture 2: Investment Goods, Opportunity Cost, Check Point
Document Summary
Obtain 300 points on cn (course networking) post related to microeconomics to get. Check point valuations such as points earned by posting, reposting, and rating other points. Restrictions and point limits apply per 24 hour period and per 7 day period. Scarcity leads to decision-making based on prioritization of unlimited wants and utilization of limited resources. Every decision comes with a opportunity cost, which is the next-best outcome after the decision. All countries must ask what, how, and for whom in terms of economic production and decision-making. Production possibility model illustrates the economic concepts of scarcity, tradeoffs, and opportunity costs. Production possibilities is the combinations of nal goods and service that could be produced in a given time period with all available resources and technology. For example, during a doctors visit, you might declare neck pain but the doctor systematically checks entire body since everything is inter-related. Using all resources to only produce tanks. maximum output combos given resources.