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Economics is NOT about money Economics is a science that deals with the fact that we live in a world. of scarcity and we therefore have to maximize our resources Scarcity: we live in a world of unlimited wants but limited resources No matter how much you win from the lottery, its still a limited amount of money Economics: the study of how choices are made and the social implications of those choices D You can think of economics as the science of prioritizing your resources. The fact that we have scarcity suggest we are constantly making How do we make choices? We conduct a cost benefit analysis The fundamental difference between the usual interprestation and how we approach it in economics refers to how we think about costs In economics, our costs have two components - Implicit (opportunity costs: the value of the next best alternative that you give up when you choose to do some. some thing The cost of college attendance. Explicit cost: -tution -books - materials fees Opportunity cost that - the highest salary you decided to work choices •you could earn if What matters is not total costs and total benefits, what matters is marginal cost and marginal benefit Marginal cost: the cost of consuming one more unit Marginal cost: the cost of consuming one more unit Marginal benefit: the benefit associated with consuming one more unit Marginal Analysis If the...
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Alternative transcript:
marginal benefit & marginal cost: you keep going If the marginal cost > marginal benefit: Stop and cut back
Scarcity and money
Scarcity and money
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Economics is NOT about money Economics is a science that deals with the fact that we live in a world. of scarcity and we therefore have to maximize our resources Scarcity: we live in a world of unlimited wants but limited resources No matter how much you win from the lottery, its still a limited amount of money Economics: the study of how choices are made and the social implications of those choices D You can think of economics as the science of prioritizing your resources. The fact that we have scarcity suggest we are constantly making How do we make choices? We conduct a cost benefit analysis The fundamental difference between the usual interprestation and how we approach it in economics refers to how we think about costs In economics, our costs have two components - Implicit (opportunity costs: the value of the next best alternative that you give up when you choose to do some. some thing The cost of college attendance. Explicit cost: -tution -books - materials fees Opportunity cost that - the highest salary you decided to work choices •you could earn if What matters is not total costs and total benefits, what matters is marginal cost and marginal benefit Marginal cost: the cost of consuming one more unit Marginal cost: the cost of consuming one more unit Marginal benefit: the benefit associated with consuming one more unit Marginal Analysis If the...
Economics is NOT about money Economics is a science that deals with the fact that we live in a world. of scarcity and we therefore have to maximize our resources Scarcity: we live in a world of unlimited wants but limited resources No matter how much you win from the lottery, its still a limited amount of money Economics: the study of how choices are made and the social implications of those choices D You can think of economics as the science of prioritizing your resources. The fact that we have scarcity suggest we are constantly making How do we make choices? We conduct a cost benefit analysis The fundamental difference between the usual interprestation and how we approach it in economics refers to how we think about costs In economics, our costs have two components - Implicit (opportunity costs: the value of the next best alternative that you give up when you choose to do some. some thing The cost of college attendance. Explicit cost: -tution -books - materials fees Opportunity cost that - the highest salary you decided to work choices •you could earn if What matters is not total costs and total benefits, what matters is marginal cost and marginal benefit Marginal cost: the cost of consuming one more unit Marginal cost: the cost of consuming one more unit Marginal benefit: the benefit associated with consuming one more unit Marginal Analysis If the...
Can't find what you're looking for? Explore other subjects.
Knowunity is the # 1 ranked education app in five European countries
Knowunity was a featured story by Apple and has consistently topped the app store charts within the education category in Germany, Italy, Poland, Switzerland and United Kingdom. Join Knowunity today and help millions of students around the world.
Still not sure? Look at what your fellow peers are saying...
iOS User
I love this app so much [...] I recommend Knowunity to everyone!!! I went from a C to an A with it :D
Stefan S, iOS User
The application is very simple and well designed. So far I have found what I was looking for :D
SuSSan, iOS User
Love this App ❤️, I use it basically all the time whenever I'm studying
Alternative transcript:
marginal benefit & marginal cost: you keep going If the marginal cost > marginal benefit: Stop and cut back