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ECO105_study notes_Micro Ch1.pdf

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Department
Economics
Course
ECO105Y1
Professor
A.Kochetov
Semester
Fall

Description
ECO105 Study notesSeptember 12 2014Micro Ch1 Scarcity OC and TradeEconomicsHow individuals businesses and governments make the best possible choices to get what they want and how these choices interact in marketsScarcityAll mortals face the problem of scarcityNo individuals businesses or governments can ever satisfy our unlimited wantsmaking smart choices is very essentialScarcityThe problem that arises because we all have limited money time and energyOpportunity CostMaking a choice comparing the alternatives byweighing benefits and costs and then picking oneThe existence of scarcity every choice involves a tradeoffTo make a smart cho
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