Chapter 1 - Limits, Alternatives and Choices

CLICK HERE: Origin of the Ideas

Definition of Economics: the social science concerned with how individuals, institututions, and society make optimal choices under conditions of scarcity.






  • Production Possibilities Model
    • Production Possibilities Table
    • Production Possibilities Curve (PPC)
    • Law of Increasing Opportunity Cost
    • Optimal Allocation




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Jolo Scarcity 14 Dec 12 2008, 5:05 AM EST by MikeSchenck
Jolo
Thread started: Aug 22 2007, 9:56 AM EDT  Watch
Scarcity is all around us whether we like it or not. The world is not a perfect place, and if it was, then there would be no point in living if we did not have something to strive for, or a goal to reach and compete against other people for it. Right now it may seem like we'd wish scarcity would go away but later after we would get everything we'd want and the same would happen to everyone else, then life would become boring. Scarcity kind of makes us who we are because of the things we have to do in order to try to get what we want. With scarcity, people have to make quick decisions and decide with the limited amount of resources and man power to try to achieve what they want. To achieve takes a bit of smarts, logic, and luck. People have to learn to live with the fact that there is scarcity on this planet and those that don’t will be in for a rude awakening.
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