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chapter:1Krugman/Wells?2009?WorthPublishersFirstPrinciples
AsetofprinciplesforunderstandingtheeconomicsofhowindividualsmakechoicesAsetofprinciplesforunderstandinghowindividualchoicesinteractAsetofprinciplesforunderstandingeconomy-wideinteractions
IndividualChoiceIndividualchoiceisthedecisionbyanindividualofwhattodo,whichnecessarilyinvolvesadecisionofwhatnottodo.Basicprinciplesbehindtheindividualchoices:1. Resourcesarescarce.2. Therealcostofsomethingiswhatyoumustgiveuptogetit.3. “Howmuch?”isadecisionatthemargin.4. Peopleusuallytakeadvantageofopportunitiestomakethemselvesbetteroff.
ResourcesAreScarceAresourceisanythingthatcanbeusedtoproducesomethingelse.Ex.:Land,labor,capitalResourcesarescarce–thequantityavailableisn’tlargeenoughtosatisfyallproductiveuses.Ex.:Petroleum,lumber,intelligence
TheRealCostofSomethingIsWhat
YouMustGiveUptoGetItTherealcostofanitemisitsopportunitycost:whatyoumustgiveupinordertogetit.Opportunitycostiscrucialtounderstandingindividualchoice:Ex.:Thecostofattendingtheeconomicsclassiswhatyoumustgiveuptobeintheclassroomduringthelecture.Sleep?WatchingTV?Rockclimbing?Work?Allcostsareultimatelyopportunitycosts.
OpportunityCostInfact,everybodythinksaboutopportunitycost.Thebumperstickersthatsay“Iwouldratherbe…(fishing,golfing,swimming,etc…)”arereferringtothe“opportunitycost.”Itisallaboutwhatyouhavetoforgotoobtainyourchoice.IWOULDRATHERBESURFINGTHEINTERNET
GotaPenny?Atmanycashregistersthereisalittlebasketfullofpennies.Peopleareencouragedtousethebaskettoroundtheirpurchasesupordown.Ifit’stoosmallasumtoworryabout,whycalculatepricesthatexactly?Whydowehavepennies?Sixtyyearsago,apennywasequivalentto30secondsworthofwork—itwasworthsavingapennyifdoingsotook
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