ECON 103 Chapter Notes - Chapter 1: Marginal Cost, Human Capital, Opportunity Cost
5 Oct 2014
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Individual choice - decisions by an individual about what to do and what not to do! Basic principles - underlie that economics of individual choice! Example: ! convenience stores normally charge higher prices than a regular supermarket. But they ful ll a valuable role by catering to time-pressured customers who would rather pay more than travel father to the supermarket. Resource is anything that can be used to produce something else. Lists of the economy"s resources usually begin with land, labour, capital and. A resource is scarce when the quantity of the resource available is not large. There are many scarce resources, including natural resources and human. Society"s choice is the sum of individuals" human capital. enough to satisfy all productive uses. resources. choices. There are some decisions that a society decides are best not left to individual choice. Recently there has been a house-building boom in canada, with many new urban communities springing up in previously undeveloped areas.
