ECON 20A Lecture Notes - Lecture 1: Opportunity Cost, Marginal Utility, Market Economy
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19 Oct 2017
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Econ 20a- lecture 1: ten principles of economics: What are the general trends of the economy? these are more macroeconomic (economics dealing with a large view) points, so we will not look into them as much: how people make decisions: Principle 1-4: principle 1, people face trade offs there is no such things as a free lunch to get something that we like, we usually have to give up something else we like. If you love to play sports, you must give up time to study to play sports or visa versa. Guns and butter : clean environment and high level of income, more regulations so factories cut down pollution, but higher costs. If you do not go to work to go on a hike, even though you did not pay to go on the free hike, you lose money because you could have been working.
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Question 30. 30. For economists, statements about the world are of two types: |
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