ECON 102 Lecture Notes - Lecture 1: Refrigerator, The Home Depot, Walmart
Document Summary
Every economic problem involves individual choices at its most basic level decisions a person makes about what to do and what not to do. In reality, if it isn"t about choice, you might say it"s not economics. Move into a major store such as a wal-mart or home depot. There are thousands of different items available, so it is highly doubtful that you or someone else will be able to afford to purchase something you may like. And anyway, your dorm room or apartment has only too much space. So are you going to buy another bookcase, or a mini-fridge. Despite your budget and living space constraints, you have to select which items. The economics of individual choices underlie four economic concepts, as seen in. We will now look in more depth at every of these values. What you want you can"t always find.
