lectur8 - OPPORTUNITY COST A Concept To Understand In Order...

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OPPORTUNITY COST A Concept To Understand In Order To Make Informed Choices
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OPPORTUNITY COST Upon High School graduation you had to choose whether to go to college or go to work. You have to choose whether to plant corn, soybeans, or both.
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OPPORTUNITY COST You have to choose to renovate or re- establish a lawn. Scarcity forces us to choose, and economics helps determine how to make those choices.
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OPPORTUNITY COST Choices that are made in real life are constrained not only by scarcity but also by political, legal, traditional, ethical and moral forces.
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The “Emotional Overcoat” Your personal collection of morals, ethics, values, traditions, culture, political beliefs, etc. What makes you, you. Determines what you perceive to be “right” and “wrong”
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The “Emotional Overcoat” Your personal collection of morals, ethics, values, traditions, culture, political beliefs, etc. What makes you, you. Determines what you perceive to be “right” and “wrong”
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“Emotional Overcoat” Abortion Government subsidized abortion for low income females
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“Emotional Overcoat” Abortion Government subsidized abortion for low income females
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“Emotional Overcoat” Pro-Choice Pro-Life Note: The order of the above words are presented alphabetically and not in any order of significance expressed or implied.
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“Emotional Overcoat” Pro-Choice Pro-Life Note: The order of the above words are presented alphabetically and not in any order of significance expressed or implied.
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OPPORTUNITY COST 1.There are numerous non economic forces that determine and mold the decision making process. 2.We will concentrate on how economic forces affect our choices, the importance of the non-economic forces must be valued by YOU
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Choosing one thing usually requires giving up something else. 1.Whenever resources are scarce, the
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lectur8 - OPPORTUNITY COST A Concept To Understand In Order...

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