ECON 2010 Lecture 2: Economic Basics
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ECON 2010 Full Course Notes
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Similar to opportunity cost (what you give up to get something) Some rational decisions to a particular individual may not be a wise decision. The economic way of thinking is far reaching, applying to all decisions. Economists have been applied to so many fields outside of the formal economics. These fields involve; crime, education, marriage, suicide, addiction, finance, politics, religion, etc. Virtually everything we do that concerns us has some type of an economic decision tied into it. An individual needs to consider the costs, tradeoff and benefits of a decision prior to making that decision. Economics develops a disciplined method of thinking about problems/choices. Abraham lincoln believed for one to make a decision on anything, one should draw a line down the center of a paper and state the pros and cons of that decision. If one side overruled the other side, then the decision was simple.
