What Are Economic Goods In Terms Of Economics

What Are Economic Goods In Terms Of Economics-65
Air is a scarce good because it has alternative uses.Not all goods, however, confront us with such choices.Economists have investigated the nature of family life, the arts, education, crime, sports, law—the list is virtually endless because so much of our lives involves making choices. It is social because it involves people and their behavior.

Air is a scarce good because it has alternative uses.Not all goods, however, confront us with such choices.Economists have investigated the nature of family life, the arts, education, crime, sports, law—the list is virtually endless because so much of our lives involves making choices. It is social because it involves people and their behavior.

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is the value of the best alternative forgone in making any choice.

The opportunity cost to you of reading the remainder of this chapter will be the value of the best other use to which you could have put your time.

But our wants, our desires for the things that we can produce with those resources, are unlimited.

We would always like more and better housing, more and better education—more and better of practically everything.

The concept of opportunity cost must not be confused with the purchase price of an item.

Consider the cost of a college or university education.His opponents, upset by policies such as a reduction in corporate tax rates, sought a no-confidence vote in Parliament in 2011.It passed Parliament overwhelmingly, toppling Harper’s government and forcing national elections for a new Parliament.Students sacrifice that time in hopes of even greater earnings in the future or because they place a value on the opportunity to learn. Part of that cost is the value of the best alternative use of the money required to see the doctor.But the cost also includes the value of the best alternative use of the time required to see the doctor.But now, our use of space has reached the point where one use can be an alternative to another.Conflicts have already arisen over the allocation of orbital slots for communications satellites. Space will surely become scarcer as we find new ways to use it. Consequently, the scope of economics is wide indeed.If our resources were also unlimited, we could say yes to each of our wants—and there would be no economics.Because our resources are limited, we cannot say yes to everything. We could leave the land undeveloped in order to be able to make a decision later as to how it should be used. There are alternative uses of the land both in the sense of the type of use and also in the sense of who gets to use it. We pollute it when we drive our cars, heat our houses, or operate our factories.Economic issues dominated the news in 2011, just as they dominate news in most years.What happens to economic phenomena such as growth, unemployment, gasoline and food prices, house values, and the national debt matters—and these phenomena matter a great deal.

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