ECON 2010 Lecture Notes - Lecture 1: Opportunity Cost, Philip Graves

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1 Oct 2015
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ECON 2010 Full Course Notes
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ECON 2010 Full Course Notes
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Economic thinking is not directly correlated to money 100% of the time. Main concept of economic thinking revolves around decision making, not money. Decision makers of any economic decision determine whether the decision is good or bad according to their personal situation. All people have the potential to view the same decisions differently. A brand new tv is displayed at a discount price of 75% off and two consumers consider the offer. One consumer sees it as a good buy because he wants a tv at that moment. Economists cannot persuade the population to enjoy certain entertainment. The population itself determines what type of things are worth more than others and what things are worth more than others. (basic concept) suppliers want to sell things at high prices and demanders want to purchase things at low prices. The price agreement between the supplier and demander is only reached once both parties agree on the value of the product.

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