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Choice in a World of Scarcity

17 Lessons 1 hour

Explore the principles of choice in the face of scarcity, budget constraints, opportunity cost, sunk costs, marginal decision-making, and productive and allocative efficiency, among others, in order to understand how individuals and society make decisions and why trade-offs are necessary.

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Choice in a World of Scarcity

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How Individuals Make Choices Based On Their Budget Constraint

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3

The Concept of Opportunity Cost

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4

Identifying Opportunity Cost

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5

Marginal Decision-Making and Diminishing Marginal Utility

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6

Sunk Costs

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7

From a Model With Two Goods to One of Many Goods

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8

Key Concepts and Summary

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The Production Possibilities Frontier and Social Choices

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10

The Shape of the PPF and the Law of Diminishing Returns

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Productive Efficiency and Allocative Efficiency

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12

Why Society Must Choose

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The PPF and Comparative Advantage

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14

Key Concepts and Summary

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15

First Objection: People, Firms, and Society Do Not Act Like This

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Second Objection: People, Firms, and Society Should Not Act This Way

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17

Key Concepts and Summary

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