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About H2 Lecture Notes - Scarcity, Choice and Opportunity Cost - 2012
The document provides lecture notes on scarcity, choice, and opportunity cost in economics. It introduces key economic concepts like scarcity due to limited resources and unlimited wants, the different factors of production (land, labor, capital, entrepreneurship), and decision making units (households, firms, government). It explains that rational choices are made to maximize objectives, like households choosing the combination of goods that provide the highest satisfaction given their limited income. The marginal principle and production possibility curve are also discussed as ways to illustrate efficient resource allocation and increasing opportunity costs.
Detailed Information
| Author: | ['lizzie3295'] |
|---|---|
| Publication Year: | 2012 |
| Pages: | 20 |
| Language: | English |
| Format: | |
| Price: | FREE |
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