ECON101 Lecture Notes - Lecture 1: Marginal Utility, Marginal Cost, Opportunity Cost
41 views4 pages
5 Oct 2016
School
Department
Course
Professor
![ECON101 Full Course Notes](https://new-docs-thumbs.oneclass.com/doc_thumbnails/list_view/2236007-class-notes-ca-u-of-waterloo-econ-101-lecture3.jpg)
79
ECON101 Full Course Notes
Verified Note
79 documents
Document Summary
Every day, 33 million canadians and 7 billion people in other countries make economic choices that result in what, how, and for whom goods and services are produced. If something is painful, that"s a cost, economists don"t only calculate dollars, feelings are also included in costs and benefits. Occurs when the government takes private property for public purpose, say, to build a road. Previous owners of the land get compensated, but not as much as they would like to. Six key ideas define the economic way of thinking: People make rational choices by comparing benefits and costs. Benefit is what you gain from something. Cost is what you must give up to get something. Most choices are how-much choices made at the margin. Going to university for 4+ years as a choice. A rational choice is one that compares costs and benefits and achieves the greatest benefit over cost for the person making the choice.
Get access
Grade+
$40 USD/m
Billed monthly
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
10 Verified Answers
Class+
$30 USD/m
Billed monthly
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
7 Verified Answers