ECON 1 Lecture Notes - Lecture 4: Opportunity Cost

• School: UC-Irvine
• Department: Economics
• Course: ECON 1
• Professor: Amanda Brindley

Document Summary

B/c resources are always scarce they always involve an opportunity cost (refer back to ch. Most societies try to maximize what they can get for the resources they have to. Accurate assessment of what to produce increase economic efficiency. Ex. manufacturer would be wasting resources to produce record albums when. Knowing best way to produce a product cuts waste & products must reach ppl mostly by cds. consumers for economy to be efficient. In america, economic freedoms allow individuals to choose what they want to work with + produce + consume + possess + offer etc. One of the few reasons for america"s patriotism, or love for one"s country. The econ. sys. of different nations allow different degrees of economic freedoms. We want the security of knowing that help is available if we are elderly, poor, unemployed, or facing some other potential economic disadvantage.