Textbook Notes (368,796)
Canada (162,165)
Economics (85)
ECON 1P91 (42)
Chapter 1

Chapter 1 & 2 - Class 1 & 2 (Check for Diagrams)

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Department
Economics
Course
ECON 1P91
Professor
Professor Cottrel
Semester
Fall

Description
Class 1Chapter 1September 8 2011Economic Issues and ConceptsEconomicsthe study of the use of scarce or limited resources to satisfy unlimited human wantsResourcesScarcity and ChoiceA societys resources are usually divided into land labour and capitalResources are known as factors of productionOutputs are goods tangibles or services intangiblesResources can only produce a fraction of the goods and services desired by peopleMost of the time the resources are limitedEveryone wants a piece of the oil in Alberta and the gas in Saskatchewan because the North has richesDue to the scarcity of the resources it implies the need for choiceEvery choice has an associated cost the opportunity costOpportunity cost is dened as the benet given up by not using resources in the best alternative way It is the cost of losing something not achieved because another choice was madeRefer to diagram in Chapter 1 Slide 4
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