Transcription of Scarcity, Opportunity Cost, and Trade - Pearson
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Scarcity, Opportunity Cost, and Trade - Pearson
LEARNING are costs based on Opportunity costs,and not on objective inputs? don t sunk costs matter for futurechoices? do producers choose their quantitysupplied? The law of do we find market supply from indi-vidual firms supply decisions? changes market supply? how much does quantity suppliedrespond to a change in price?LEARNING OBJECTIVESA fter reading this chapter, you should be able scarcity and describe why you mustmake smart choices among your and describe Opportunity how comparative advantage,specialization, and Trade make us all better how markets connect us all usingthe circular flow of economic and explain the Three Keys toSmart , Opportunity Cost, and 4/17/09 9:48 AM Page 2 WHAT DO YOU WANT OUT OF LIFE?
6 CHAPTER 1 WHAT’S IN ECONOMICS FOR YOU? incentives: rewards and penalties for choices Where Have All the Men Gone? Out ThereOut ThereOOut TThTheherrere Women make up 60 percent of the undergraduate college and university population.
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