AAEC 1005 Lecture Notes - Lecture 14: Comparative Advantage, Absolute Advantage, Lincoln Near-Earth Asteroid Research

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Economics: the study of how people organize to decide how goods are produced, what goods get produced, and who gets them. Reciprocity (chores, charity, health care; doing something because you are told) Exchange (work; give your labor in exchange for money) This course will focus on the exchange economy. Microeconomics: the study of choices individuals (consumers or producers) make. Microeconomic also the study of interaction of individuals, firms, and the government. Macroeconomics: studies the economy at a society level (inflation, unemployment, economic grow. Agricultural and applied economics: the study of economics as it applies to. No free lunches (scarcity, choices, and costs) a. Opportunity cost: value of the opportunities (next best) given up when you make a cho i. Ex2: opportunity cost of improving water quality with a buffer. Value of the production that is given up on that land. Planting the trees get mics is rowth) choice. Ex3: opportunity cost of government bailout of gm.

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