PPT-Economic Choice Today: Opportunity Cost

Chapter 1Section 2 pages 1217 Section 2 Objectives understand why choice is at the heart of economics explain how incentives and utility influence people economic choices consider the role of tradeoffs and opportunity costs in making economic choices. AAE 320. Paul D. Mitchell. Goal of Section. Overview what economists mean by Cost. (Economic) Cost Functions. Derivation of Cost Functions. Concept of Duality. What it all means. Economic Cost. Economic Cost: Value of what is given up whenever an exchange or transformation of resources takes place. It is a simplified representation of economic activities, systems, or problems. PRODUCTION POSSIBILITY CURVES. What does the Production Possibilities Frontier (Curve) represent?. Opportunity Cost – what we give up to produce something else. CHAPTER. 3. 3.1 PRODUCTION POSSIBILITIES. Production Possibilities Frontier. Production possibilities frontier. The boundary between the combinations of goods and services that can be produced and the combinations that cannot be produced, given the available factors of production and the state of technology.. Keynote. Canadian Economic Association Annual Conference. Canadian Development Economics Study Group, . Toronto, May 29, 2015. Ravi . Kanbur. www.kanbur.dyson.cornell.edu. Introduction (1). Joint . papers . An item that gratifies people’s needs and wants. Capital Good. An item that is used to produce other products. Production Possibilities Schedule. A table that shows the possible output combinations for an economy. Test Review. What is any reward or benefit that motivates people to do something. Incentive. What is a factor or disadvantage that discourages people from doing something?. Disincentive. What is a tool used to choose among alternatives; weighing the cost of a product or service against the benefit(s) it will provide?. Dr. Greg . Delemeester. Summer . 2011. Economics. Making choices under conditions of scarcity. What stocks should I buy for my portfolio?. How many Whoppers should I eat?. How many hours should I study for biology?. Today Matters Stop Learning Today and You’ll Stop Leading Tomorrow by EQUIP Ministries founded by John Maxwell 1 1 Lesson: T311.02 iteenchallenge.org 01 - 2012 Today Matters Otis Project Utilizing Backhaul & Consolidation to Reduce Transportation Cost Team members: Mao, Yangxu Qiao , Huicong Qu , Hongyi Stankiewicz , Michael Xu , Li 11/17/2009 Agenda Introduction 2018 Tax Cut and Jobs Act. Economic development tool/incentive, not a program. 1. st. new national community investment incentive in over 15 years. Promote economic recovery by driving long-term investment capital to rural and low-income urban communities. called the option What is fly out West and work chance to ride What is to choose Which She chose and work on a Think of a time not the opportunity cost of a decision only the one thats Teaches childre Goal of Section. Overview what economists mean by Cost. (Economic) Cost Functions. Derivation of Cost Functions. Concept of Duality. What it all means. Economic Cost. Economic Cost: Value of what is given up whenever an exchange or transformation of resources takes place. , MA. Jonathan Lowell. jlowell@iso-ne.com | 413-540-4658. ISO’s Proposal to Estimate Opportunity Costs for Oil and Dual-Fuel Resources with Inter-temporal Production Limitations. Opportunity Costs . Introduction. The great classical writers such as Adam Smith, Jeremy Bentham and John Stuart Mill considered economics to be a social science in the broadest sense possible. In the 18. th. and early 19.