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1. www.khanacademy.org › economics-finance-domainLesson summary: Scarcity, choice, and opportunity costs

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   Economics is the study of how societies choose to do that. Microeconomics focuses on how individuals, households, and firms make those decisions. Key terms. Key Takeaways. Scarcity and Choice. Scarcity is why economics exist: we wouldn't have to worry about how scarce resources are allocated if those resources were unlimited.

2. oxfordre.com › economics › displayEconomics and Family Structures | Oxford Research ...

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   Thomas Baudin, Bram De Rock. and Paula Gobbi. https://doi.org/10.1093/acrefore/9780190625979.013.807. Published online: 22 March 2023. Summary. Household decisions are one of the key elements impacting many dimensions of any economy.

3. People also ask

   What is a family in economics?

   • It defines “family” from an economics perspective and then details the economic functions of the family: human capital creation, social capital creation, household production of goods and services, economies of scale and public goods provisioning, consumption and savings decisions, and risk-sharing and self-insurance.

   Families: Economic Functions and Decision-Making

   link.springer.com/chapter/10.1057/978-1-137-43963-5_2

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   What do all choices mean in economics?

   • All choices mean that one alternative is selected over another. Selecting among alternatives involves three ideas central to economics: scarcity, choice, and opportunity cost. Our resources are limited. At any one time, we have only so much land, so many factories, so much oil, so many people.

   1.1: Defining Economics - Social Sci LibreTexts

   socialsci.libretexts.org/Bookshelves/Economics/Principles_of_Economics_(LibreTexts)/01:_Economics:_The_Study_of_Choice/1.1:_Defining_Economics

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   How does family economics work?

   • If a group of people say they are a family through bonds created by biology, laws, love, friendship, or other obligations—and if they share their resources in any way—economists can analyze their exchanges of money, time, goods, and services using tools of family economics.

   Families: Economic Functions and Decision-Making

   link.springer.com/chapter/10.1057/978-1-137-43963-5_2

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   Why do families have economies of scale?

   • Sometimes these economies of scale for families result from pricing policies, such as family memberships at gyms, for example, that are cheaper on a per person basis than individual memberships. In a similar way, much of household production and consumption falls into the category of public goods.

   Families: Economic Functions and Decision-Making

   link.springer.com/chapter/10.1057/978-1-137-43963-5_2

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4. www.econ.berkeley.edu › sites › defaultLECTURE 1 SCARCITY AND CHOICE - Department of Economics

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   Jan 21, 2020 · B. Choice C. Opportunity cost 1. Definition 2. Opportunity cost is often obvious D. More subtle examples of opportunity cost IV. T. HE . P. RODUCTION . P. OSSIBILITIES . C. URVE. A. Description B. Example: The tradeoff between consumption goods and investment goods C. Visualizing scarcity, choice, and opportunity cost in the PPC diagram

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5. link.springer.com › chapter › 10Families: Economic Functions and Decision-Making

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   Aug 30, 2018 · It defines “family” from an economics perspective and then details the economic functions of the family: human capital creation, social capital creation, household production of goods and services, economies of scale and public goods provisioning, consumption and savings decisions, and risk-sharing and self-insurance.

   • Author: Megan McDonald Way
   • Email: mway@babson.edu

   • Publish Year: 2018

6. socialsci.libretexts.org › Bookshelves › Economics1.1: Defining Economics - Social Sci LibreTexts

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   Jul 17, 2023 · Economics is a social science that examines how people choose among the alternatives available to them. It is social because it involves people and their behavior.

7. www.nber.org › papers › w9232Gary Becker's Contributions to Family and Household Economics

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   Robert A. Pollak. Working Paper 9232. DOI 10.3386/w9232. Issue Date September 2002. Gary Becker's influence on the economics of the family has been pervasive. His ideas have dominated research in the economics of the family, shaping the tools we use, the questions we ask, and the answers we give.

8. oxfordre.com › economics › displayEvolution of the Family: Theory and Implications for Economics

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   Evolution of the Family: Theory and Implications for Economics | Oxford Research Encyclopedia of Economics and Finance. Ingela Alger. and Donald Cox. https://doi.org/10.1093/acrefore/9780190625979.013.439. Published online: 22 November 2019. Summary. Which parent can be expected to be more altruistic toward their child, the mother or father?