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Unformatted text preview: Economics Notes January 21, 2009 If there is no economics there is no economizing. Examples: Water is not… You will not use… Economics A study that teaches us how to use resources wisely. It is a science that teaches us how to maximize what is scarce The three basic needs (food, shelter, clothes) are all scarce. It does not teach us what to choose but helps you decide what to choose wisely. Scarce : limited Allows us to choose in the face of shortage. Ranks what you want in order of importance • Known as Important Ranking • Choice: means giving up one thing in order to get another trade off • The cost of what you choose is what you give up or trade off- Opportunity Cost or True Cost or Real Cost....
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This note was uploaded on 06/20/2011 for the course ECO 105 taught by Professor M during the Spring '11 term at Pace.
- Spring '11