ECON 200 Chapter Notes - Chapter 1: Marginal Cost, Marginal Utility, Opportunity Cost

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23 Oct 2016
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ECON 200 Full Course Notes
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Scarcity: limited nature of society"s resources can"t always get what you want. Economics: study of how society manages its scarce resources. Economists study how people make decisions: how much they work, what they buy, how much they save, and how much they invest. Economists study how people interact with one another: how multitude of buyers & sellers determine prices. Economists analyze forces & trends that affect the economy: growth in average month, unemployment rate, & rate of price rising. To get something we want, we must give something. Recognizing that trade-offs exist does not indicate choices. Ex: clean environment & high income (eco friendly movement vs. making money) Equality (size of the pie vs. pieces of the pie) Efficiency: society is getting maximum benefits from its scarce resources. 1-1b principle 2: the cost of something is what you give up to get it. Cost of things you could be doing in place of doing something else.

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