Textbook Notes (362,842)
United States (204,245)
Economics (69)
ECON 2000 (14)
All (14)
Chapter 1

Econ Chapter 1 (scored 92%)

9 Pages
Unlock Document

Louisiana State University
ECON 2000

Chapter 1Economics the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided Economics is a behavioral or social science In large measure it is the study of how people make choices The choices that people make when added up translate into social choices Important questions oWhat is producedoHow is it producedoWho gets itoWhyoIs the result good or badoCan it be improvedWhy Study EconomicsITo Learn a Way of ThinkingaMost important reason for studying economicsbThree fundamental conceptsiOpportunity cost1Opportunity cost the best alternative that we forgo or give up when we make a choice or a decision2The full cost of making a specific choice includes what we give up by not making the alternative choice3NOT ABOUT PRICE4ExampleaThe opportunity cost of going to the movies is the value of the other things you could have done with the same money and time bIf you take time off of work the opportunity cost of your leisure is the pay that you would have earned had you worked
More Less

Related notes for ECON 2000

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.