ECON 2105 Chapter Notes - Chapter 6: Opportunity Cost

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27 Sep 2016
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Economics is the study of choice and how decisions are made. For example: if you should buy a car or lease a car. You can have what you want in life always because that"s not how our regular life style works. When there are limited resources it"s believed that the demand of those thing would be more for people. For example, the water we drink there is not enough of water for everyone in the world. Micro: is the study of individual things. Macro: is the general study of overall characteristics of an economy. Incentives: is element that will motivate you to do things. For example: to study for an exam you have tomorrow instead of spending the evening with your friends. This is basically a thought that you will do well on exam if you study rather than going out with your friends. Trade-offs: are an important part of any kind of decision.

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