FMSC 290 Chapter Notes - Chapter 1: Opportunity Cost, Rationality, Nuclear Family
1 May 2018
School
Department
Course
Professor
Blau’s Microeconomic textbook, chapter 1:
• Scarcity: not enough resources are available to satisfy everyone’s wants and choices have
to be made about how these resources are used
• Opportunity cost: the value of the best alternative foregone
• Utility: satisfaction
• Rationality: involves some knowledge of available opportunities and the terms of which
they are available
• Theories: explanations for why events may have occurred
• Economic models: frameworks that explain human behavior
• Supply and demand labor: determines the jobs that area available and how much people
will get paid to do it
• Demand for labor is derived from consumer demand
• Family: consisting of two or more persons, related by blood, marriage or adoption, living
in the same household
o Traditional nuclear family
• Household: one or more persons living in one dwelling unit and sharing living expenses
o More general than family, inclusive to many living situations
• Gender vs. sex
o Sex= biological differences
o Gender= cultural or social construct
• Gender identity: how a person self-identifies
• Sexual orientation: refers to the gender one is sexually or romantically attracted to
find more resources at oneclass.com
find more resources at oneclass.com
