ECON 2002.01 Lecture 1: Economics: Study of Choice
26 Aug 2016
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Flatworldknowledge. com > create account > choose format & price. Course objective is to be able to pick up a newspaper and understand the economic section. Economics learning center 311 arps hall, opens 9/6. Exams are mc in independence during class, drop lowest score. Chapter 1 - economics: the study of choice. How people choose among alt. uses of their scarce resources. Not shortage - q demand > q supplied. Scarce - if p>0 and people want more than is available. Free - nothing needs to be given up to get more, not interesting - no choice needs to be made; gravity. Tradeoffs - opportunity cost; next best thing; getting more of one means getting less of something else. Special emphasis on opp. cost - pushes us to think of value of alternative. Rational if making best choice for self interest. If we want different choices made, change the incentives.
