ECON 2301 Lecture Notes - Lecture 1: Opportunity Cost, Marginalism, European Cooperation In Science And Technology
Document Summary
Prices have been going up: price parity comparing two prices. If books cost 20 here, same in canada or france (6 canadian dollars) Jump in price of mcdonalds big mac, growth in inflation. Jump of price of men"s underwear, increase jump in employment. What is economics: the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided. Key work is choose: fox con company which has little pay, and sometimes sleep there (made in china stuff, factories) Built a net around the building so no one could jump. Why produce in china because our us labor is expensive, has unions, min wage, etc. Why study economics: three fundamental concepts. Opportunity cost the best alternative that we forgo, or give up, when we make a choice or a decision. What would you rather do than go to class, boyfriend is. Opportunity cost (give up a little on love life.
