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Documents 1 Session 1B. CONCEPTS. CONCEPTS Consumption: Direct and final use of goods- destruction of utility....

* Session 1B. CONCEPTS CONCEPTS Consumption: Direct and final use of goods- destruction of utility. Savings are that part of the income which is not used for current consumption-…

Documents Topic 1 Introduction microeconomics

Topic 1 Introduction to Microeconomics 1 BB107 by Ooi Soon Beng Textbook 2 McConnell, C.R., and Brue, S.L. (2011). Economics: Principles, Problems and Policies, 19th Edition,…

Documents Econ 101: Microeconomics Chapter 2: Scarcity, Choice, and Economic Systems.

Econ 101: Microeconomics Chapter 2: Scarcity, Choice, and Economic Systems The Concept of Opportunity Cost Opportunity cost of any choice Is what we must forego when we make…

Documents Comparative Advantage: The Basis for Exchange

Comparative Advantage: The Basis for Exchange What Do You Think? Do the Nepalese perform their own services because they are poor or are they poor because they perform their…

Documents Scarcity, Choice, and Economic Systems

Individual Opportunity Cost Opportunity cost of any choice What we forego when we make that choice Homecoming weekend 10-22-05 Fraternity party Football against Oklahoma…