ECON 200 Lecture Notes - Lecture 1: Unintended Consequences, Opportunity Cost, Normative Economics

• School: University of Arizona
• Department: Economics
• Course: ECON 200
• Professor: Dirk Mateer

Document Summary

All of these things are scarce: water is a valuable good. Scarcity- less of a good is freely available from nature than consumers desire. Economics is the study of how people allocate their limited resources to satisfy their unlimited wants. Human action is the goal here and that is what economics explains. The cost of one modern heavy duty bomber is this: a modern brick school in more than thirty cities. It is two electric power plants each serving a town of 60,000 people. It is some fifty miles of concrete highways. We pay for a single fighter with a half million bushels of wheat. We pay for a single destroyer with new homes that could have housed more than. All of the what ifs what we could have done with the time we used on something else. Highest- value alternative that must be given up to engage in an.