Econ 1101 - Lecture 1: Introduction & Scarcity
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Last updated 1:09 AM on 2/20/26
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7 Terms
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Scarcity
The limited nature of society’s resources.
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Economics
The study of how society manages scarce resources.
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Trade-off
Choosing one thing over another due to scarcity.
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Opportunity Cost
Whatever must be given up to obtain something else.
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Rational People
People who systematically and purposefully do the best they can to achieve their objectives.
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Thinking at the Margin
Considering small incremental changes when making decisions.
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Incentives
Factors that motivate people to act or change behavior.
