ECON 1011 Lecture Notes - Lecture 1: Carjacking, Impulse Purchase, Opportunity Cost
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ECON 1011 Full Course Notes
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Principle of economics- lecture september 1, 2016 (chapter 1 and 2. 3) Scarcity (time, money, resources) tradeoffs opportunity costs. Opportunity cost of any choice- the benefit from the highest value (or next best) alternative that was given up when the choice was made. It doe n"t matter, you lose (cid:1004) (cid:271)u(cid:272)ks either. Might look at utilities- choose the book. Facebook is not free- you could work in an hour instead of being on. Facebook- / hour-> 1 hour a day for 365 days is dollars in a year- or you could just look at facebook. Behavior of buyers and sellers in a free market economy determines what is produced, how it is produced and who gets what is produced how scarce resources get allocated. Pure market systems- they do not exist- all market systems are mixed. In every country- there is some government intervention- not just buyers and sellers.
