micro 9 doc - Result of a strong patent system More...

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Result of a strong patent system? More innovation, since people are rewarded for new populat inventions Innovation>> economic growth, higher standards of living 2. Life Is About Trade-offs Decisions imply costs Individual examples After high school do you go to college or go to work Trade-offs and Policy Governments face trade-offs as well If we penalize companies for pollution are we will have less economy profits (in professor words) Different cultures may have different values often depends on wealth 3. Opportunity Cost Opportunity cost The highest-valued alternative that must be sacrificed Every single time you make a choice there will be a opportunity cost The true cost of something should be what you had to give up to get it frames peoples mindset In economics: The cost of something is what you give up to get it
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