Choice in a world of scarcity

OpenStax

@

Introduction to choice in a world of scarcity

How individuals make choices based on their budget constraint

1 The concept of opportunity cost

2 Identifying opportunity cost

3 Marginal decision-making and diminishing marginal utility

5 From a model with two goods to one of many goods

6 Key concepts and summary

The production possibilities frontier and social choices

1 The shape of the ppf and the law of diminishing returns

2 Productive efficiency and allocative efficiency

3 Why society must choose

4 The ppf and comparative advantage

5 Key concepts and summary

Confronting objections to the economic approach

1 First objection: people, firms, and society do not act like this

2 Second objection: people, firms, and society should not act this way

3 Key concepts and summary

Source: OpenStax, Principles of economics. OpenStax CNX. Sep 19, 2014 Download for free at http://legacy.cnx.org/content/col11613/1.11

	3 Demand and supply By OpenStax Read Online Course
	1 Welcome to economics! By OpenStax Read Online Course
	2 Human A&P 2- Test 2 By Madison Christian Start Flashcards
©flickr:	Health Reviewer MCQ By Edgar Delgado Start Quiz
©flickr: Hey	Anatomy Physiology Final By Joli Julianna Start Test
	Nutrition and Chronic Disease- Test 2 By Madison Christian Start Flashcards
	Worldport Outside By Rachel Carlisle Start Quiz
	25 AP 25 Urinary System MCQ By OpenStax Start Quiz
	Anthropology Economic System By Richley Crapo Start Assignment
	7 AP 07 Axial Skeleton Essay By OpenStax Start Flashcards
	22 AP 22 Respiratory System Essay By OpenStax Start Flashcards
	8 Sociology 08 Media and Technology MCQ By OpenStax Start Quiz