What Are Economic Goods In Terms Of Economics

What Are Economic Goods In Terms Of Economics-80
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.A good is scarce if the choice of one alternative requires that another be given up.

But now, our use of space has reached the point where one use can be an alternative to another.

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The opportunity cost of any choice is the value of the best alternative forgone in making it.

Canadian Prime Minister Stephen Harper, head of the Conservative Party, had walked a political tightrope for five years as the leader of a minority government in Canada’s parliamentary system.

If you choose to spend $20 on a potted plant, you have simultaneously chosen to give up the benefits of spending the $20 on pizzas or a paperback book or a night at the movies.

If the book is the most valuable of those alternatives, then the opportunity cost of the plant is the value of the enjoyment you otherwise expected to receive from the book.

Air is a scarce good because it has alternative uses.

Not all goods, however, confront us with such choices.

The essential thing to see in the concept of opportunity cost is found in the name of the concept.

Opportunity cost is the value of the best opportunity forgone in a particular choice. The concepts of scarcity, choice, and opportunity cost are at the heart of economics.

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.

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