AGEC 105 Study Guide - Comprehensive Midterm Guide: Budget Constraint, Marginal Utility, Utility
7 Feb 2017
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Topics of discussion: scope of economics, scarce resources, making choices, definition of economics, microeconomics vs macroeconomics, positive vs normative economics, alternative economic systems, definition of agriculture economics, graphs and their meaning. Natural and biological resources: natural : land, mineral and oil deposits, and water resources, biological: livestock, crops, forests. 121. 4 million tons of steel making capacity. Resource scarcity: limited resources but unlimited wants; forces consumers and producers to make choices. Opportunity costs: an implicit cost associated with economic decisions. Specialization: comparative advantage and the basis for trade. Individual decisions: maximization of consumers utility and producer profits. Societal decisions: production possibilities given existing resources. The implicit cost associated with the next best alternative in a set of choices available to decision-makers. What is your opportunity cost of pursuing a degree at texas a&m university: bill gates, mark zuckerberg, oprah winfrey, alex rodrigues, etc.
