Lecture 2 - 9/14/2009 Announcements Reading for today text...

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9/14/2009 1 Announcements ± Reading for today ± text Chs 1,2 (skip Gains from Trade on pp. 5-8 ± Reading for Wednesday ± text Chapter 3 pp. 52-66 (50-64 5 th edition) Awesome Quotations ± “Those who would trade liberty for security deserve neither.” – Ben Franklin (attribution) Opportunity Cost ± Choice involves incurring costs ± Opportunity cost: the value of the next best forgone alternative ± what was given up to make this choice? ± In economics, all costs are opportunity costs ± Distinct from accounting – costs as out-of-pocket expenses ± Examples ± Movie ± Hiring decision Opportunity Cost ± The Boom in Community College Enrollments ± 2008-2009 Academic Year ± Delaware Community College, Media, PA ± Enrollment increased 8.5% ± Palm Beach Community College, Lake Worth, FL ± Enrollment increased 16% ± 2008 January vs. December Unemployment Rate ± PA: 4.4 vs. 6.7 ± FL: 4.5 vs. 8.1 ± Simplified view of economy ± 2 types of goods or economics activities ± alternative choices, production possibilities
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Lecture 2 - 9/14/2009 Announcements Reading for today text...

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