ECON203_Jan11

ECON203_Jan11 - January 11, 12 ECON 203 Notes Economics...

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January 11, 12 ECON 203 Notes Economics defined: Economic wants exceed productive capacity. (Problem is that wants/desires are unlimited and we want MORE and MORE.) A social science concerned with making optimal choices under conditions of scarcity. (One version of thinking what Economics is. has to make judgment calls based on their preferences) The Economic Perspective Thinking like an economist Key features: Scarcity and choice (having to make a choice. what you need vs. what you want) Purposeful behavior (doesn’t mind you were irrational) Marginal analysis (change in the function---you don’t want to make a judgment just off of current revue you have to wait on the marginal analysis (the future)) Scarcity and choice Resources are scarce Choices must be made Opportunity cost There’s no free lunch – there is nothing that is really free, there is always someone or something expecting something in future. Purposeful Behavior
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ECON203_Jan11 - January 11, 12 ECON 203 Notes Economics...

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