ECON 162 Lecture Notes - Lecture 1: Opportunity Cost
29 Nov 2017
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Point of do now: specialization, division of labor. Consumers determine what is produced is the markets. Choose an item that one of you had for breakfast this morning. Make a list of the people who brought it to you a. b. Cashier, kitchen staff, binghamton distributer, bagel supplier, bakery workers, farmers for the resources in bagels, dairy farmers for the cream cheese/butter, cows. Economics: the study of choices that arise from scarcity. The study of how individuals and organizations allocate scarce resources among alternative uses to satisfy unlimited human wants. Opportunity cost: the benefits foregone from not pursuing the next best alternative. Choosing to study economics on a friday night. Oc: not partying, watching tv, going on a date.
