ECN 104 Lecture Notes - Lecture 1: Tim Hortons, Birds Eye View, Opportunity Cost
13 Oct 2016
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Ecn 104: introductory microeconomics (week 1-2) (basic concepts, budget line, production possibilities, market system) Mcconnell, c. r. , brue, s. l and barbiero, t. p, microeconomics 13th canadian edition, mcgraw-hill. Economics is the study of the use of scarce resources to satisfy unlimited human wants. (lipsey & courant 1996) Economics is the social science concerned with the efficient use of scarce resources to obtain the maximum satisfaction of society"s unlimited wants (mcconnell, brue & barbiero (2005)) Economics is the social concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity. Economics is the social science that studies the choices that individuals, businesses, governments and entire societies make as they cope with scarcity and the incentives that influence and reconcile those choices [parkin & bade (2006, 2010)] In terms of the (highest value) alternatives foregone. Budget line: shows the possible combinations of dvds and books which can be bough with , given the pries of the two products.
