Textbook Notes (367,747)
United States (205,876)
Economics (70)
ECON 2000 (14)
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Chapter 1

Chapter 1 Outline (aced the test and got 96%)

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Department
Economics
Course
ECON 2000
Professor
All Professors
Semester
Fall

Description
Chapter 1IScarcity and individual choiceaEconomicsstudy of choice under conditions of scarcity iScarcity situation in which the amount of something available is insufficient to satisfy the desire for it bOpportunity cost what is given up when taking an action or making a choice iExplicit cost the dollar sacrificedand actually paid out for a choiceiiImplicit cost the value of something sacrificed when direct payment is made iiiOpportunity cost explicit implicit IIThe four
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