2 - 13/10/2008 11:11:00 Get course packet no later than...

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13/10/2008 11:11:00 Get course packet – no later than Tuesday: copies of old exams Read Chapter 1 and Chapter 2 Course description on ANGEL – read in detail Scarcity and choice are fundamental to economics If our resources were infinite, you would never have to make any sort of  choice o “You can’t always get what you want” Opportunity Cost Of an action is the value of next-best alternative o Is what you give up Often, we can measure in dollar ($) terms o Concert ticket+gas+time o Free ice cream = zero out of area cost+large time+hassle cost Cost of going to college o Standard number is $20,000 per year (world report…) Includes things it shouldn’t include, excludes things it should  include Tuition+room and board+books+incidentals Next best alternative: graduate high school and get a job o Tuition is a true opportunity cost. Pay tuition or make money from a job
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This note was uploaded on 10/13/2008 for the course ECON 201 taught by Professor C.liedholm during the Fall '07 term at Michigan State University.

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2 - 13/10/2008 11:11:00 Get course packet no later than...

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