Textbook Notes (368,798)
United States (206,115)
Economics (307)
ECON 1901 (44)
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Department
Economics
Course
ECON 1901
Professor
Nathan Blascak
Semester
Spring

Description
Class notes 01/27/14 economics- study of the use and allocation of scarce resources scarcity- inability to get everything we want; shortage scarce resources: 1. time 2. money 3. natural resources scarcity ---> limited supply ---> forced to make choices • all choices involve trade-offs • trade-offs- giving up something to get something else • 1st essential idea- every decision you give up something • opportunity cost- cost of making a decision - the “value” of the next best option How do we make that decision? • a reward or penalty tat encourages or discourages an action ex: cigarettes • 2nd essential idea-marginal concept -benefits and costs of 1 more • marginal benefit- amount of additional benefit/happiness you receive from consuming more unit of good/service ex: how much benefit from the next banana? • quantity demand- quantity of a good/service a consumer would like to buy at a specific price • demand- entire relationship between price and quantity demanded •
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