F-Econ2-ExtraCreditTop5Essay - Timothy Moran 954651826 Econ...

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Timothy Moran 954651826 Econ 002 – Sec 005 Extra Credit Opportunity Economic concepts run rampant in the framework of today’s society. Five, in my opinion, stand out above the rest as most prevalent and most relevant. They appear in everyday life going unnoticed to most people, who have lived with the concepts all their lives and fail to notice the economic link anymore because they become just normal occurrences. My top five economic concepts are scarcity, opportunity cost, Law of Demand, Law of Supply, and markets. Scarcity tops my list of key principles of economics because everyone must deal with it all the time. And time is a good word to use because we literally must deal with a scarcity of time. Should I study for my Friday morning math test or should I go out with my friends on Thursday night? We are faced with decisions like this constantly, whether we consciously realize it or not, and it is because of scarcity, one of the concepts that is the basis for the subject of economics. There is always a limit to our possibilities with trade-offs plaguing our options, and
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This note was uploaded on 03/30/2008 for the course ECON 002 taught by Professor Mcleod,markpehlivan,ayseozg during the Fall '08 term at Pennsylvania State University, University Park.

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F-Econ2-ExtraCreditTop5Essay - Timothy Moran 954651826 Econ...

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