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Changes In Demand Compared To Changes In Quantity Demanded

694 words - 3 pages

ECO 203 (Microeconomics)Week 1 Class Live Pro NotesTuesdayFactors of Production1. Land2. Labor - Human Resources3. Capital - Tools made by man, used to produce goods/services4. EntrepreneurshipScarcityBecause of scarcity, choices must be made3 QuestionsWhat is going to be produced?How to produce it?For whom is it going to be produced?TINSTAAFL"There is no such thing as a free lunch"Discussion Board 1 PostsPost 1"There is no such thing as a free lunch," is an expression used by many economists to demonstrate the economic way of thinking. Thinking economically allows us to understand every scarce resource has value. As our textbook states, "No option is free of cost-there is always a trade off" (page 9). In the examples "buy one, get one free" and "All fans in attendance will receive a free Padres sport bag," it is suggested that if a resource is purchased, you will receive another resource for free. However, in all reality these products are not free at all, as there is always a trade off. The companies believe that value of increased sales/attendance out ways the cost of the resource they are providing. In turn, the consumer must make rational decisions on whether or not to lose other personal resources to gain the so called "free resource."Both business and consumer have to determine the opportunity cost and make rational economic decisions to gain resources efficiently.Post 2When it comes to elections, the average American voter knows very minimal about how candidates are going to run a country. The majority of Americans find two or three issues in which they agree with a candidate and "roll with the punches." For example, in 2004 52% of Americans wanted President Bush to be re-elected. He was re-elected and currently his approval rating, according to LA Times, is 37%. When it comes to electing the leader of a country, a decision based on a "flip of the coin" can have a higher cost than one based on a detailed intellectual analysis of all available resources. The gained utility of a decision made with rational ignorance, may turn out to be more...

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