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Summary introduction microeconomics chapter1 CA$6.18
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Summary introduction microeconomics chapter1
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Because of scarcity, every choice involves a trade-off — you have to give up something to get something else The true cost of any choice is the opportunity cost — the cost of the best alternative given up Opportunity cost is more important than money cost For a smart choice, the value of wh...

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  • April 12, 2023
  • 33
  • 2022/2023
  • Summary

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What’s in
Economics
for You ?

, SCARCITY AND CHOICE
Because you can never satisfy all of
your wants, making the most out of
your life requires smart choices
about what to go after, and what to
give up.

, • The problem of scarcity arises because of
limited
money, time, and energy
• Economics is how individuals, businesses, and
governments make the best possible choices
to
get what they want, and how those choices
interact
in markets
“Economy is the art of making the most out of life.”
George Bernard Shaw

, OPPORTUNITY COST




Opportunity cost is the single most
important concept both in economics
and for making smart choices in life.

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