ECO182C - Chapter 1

ECO182C - Chapter 1 - Economics Scarcity and Choice Chapter...

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•8/26/2008 •1 Chapter 1 Introduction Economics, Scarcity, and Choice • Economics Explains something about society Uses mathematical/statistical tools to explain D fi iti f E i • Definition of Economics Study of choice under conditions of scarcity • What is Scarcity? Situation in which the amount of something available is insufficient to satisfy the desire for it 2 Scarcity and Individual Choice • Two basic kinds of scarcities: 1. Scarce time - 24 hours in a day - Cannot do all the activities we want to 2. Scarce spending power – limited incomes Cannot afford to buy more of the things we want 3 Scarcity and Individual Choice • Limitations force each of us to make choices Choose to spend time to attend this class instead of something else Choose to spend resources attending college • Economists study Choices Consequences of those choices Indirect effects of individual choice on our society 4 Scarcity and Social Choice
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This note was uploaded on 10/10/2010 for the course ECO 182 taught by Professor Morgan during the Spring '08 term at SUNY Buffalo.

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ECO182C - Chapter 1 - Economics Scarcity and Choice Chapter...

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