Textbook Notes (368,122)
United States (205,946)
Boston College (1,174)
Economics (309)
ECON 1131 (91)
Can Erbil (28)
Chapter 1

Chapter 1 First Principles.pdf

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Department
Economics
Course
ECON 1131
Professor
Can Erbil
Semester
Fall

Description
Microeconomics Chapter One Notes Overview PrinciplesIndividual Choices Interaction of Individual ChoicesEconomyWide Interactions individual choice decision of what to donot to doPRINCIPLES OF Principles of Individual Choice INDIVIDUAL CHOICE1 Resource Scarcity 2 Real cost of giving something up3 Decision at the marginhow much4 People take advantage of opportunities to make themselves better offPRINCIPLE 1Principle 1Choices are necessary because of scarce resources resourceresource anything that can be used to produce something else land labor capitalscarce resources are scarce quantity available isnt large enough to satisfy all productive usespetroleum lumber intelligencePRINCIPLE 2Principle 2True cost of an item is its opportunity cost opportunity cost opportunity cost what you must give up in order to get something value next best alternative NECESSARYfor understanding individual choice ALL COST ARE OPP COSTS I would rather be opp cost
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