ECO101H1- Midterm Exam Guide - Comprehensive Notes for the exam ( 15 pages long!)
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ECO101H1 Full Course Notes
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Every resource in the world is limited, which causes problems for human desire. Therefore, resources are scarce since there will never be enough resources to satisfy human desires. Implicit costs benefit on top of the explicit costs you give up by taking the offer(time) The true cost of something is not represented by what you pay for it. Opportunity cost of a resource is the value of the next best alternative choice forgone by its use. 1 government has started to cover the costs of in-vitro fertilization treatments. Answer: advanced degrees take time, which is the opportunity cost of either starting a family. 2 uni enrollment increased in the us during the 2008 great recession. Answer: it was getting more difficult to become employed without increase in human capital. 3 you have to spend on video games. You are contemplating on buying 2 out of 3 games.
