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

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   An introduction to the concepts of scarcity, choice, and opportunity cost. Economic resources are scarce. Faced with this scarcity, we must choose how to allocate our resources. Economics is the study of how societies choose to do that.

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

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   Aug 30, 2018 · This chapter introduces readers to the field of family 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 ...

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

   • Publish Year: 2018

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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   What is the opportunity cost of a choice?

   • The opportunity cost of any choice is the value of the best alternative forgone in making it. This is the trade-off that individuals face in making choices. As decision-makers, we have to make trade-offs on what we do with finite resources. Economists argue that most choices are made “at the margin.” The margin is the current level of activity.

   1.4 Choices – Principles of Microeconomics - Open Library Publishing

   ecampusontario.pressbooks.pub/principlesofmicroeconomicscdn/chapter/1-4-choices/

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

   www.econ.berkeley.edu › sites › default

   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. www.nber.org › system › filesFamilies in Macroeconomics - National Bureau of Economic Research

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   generate these variables are made within families. Yet the family (and decision-making in families) is typically ignored in macroeconomic models. In this chapter, we argue that family economics should be an integral part of macroeconomics, and that accounting for the family leads to new answers to classic macro questions.

   • Author: Matthias Doepke, Michèle Tertilt

   • Publish Year: 2016

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

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   Household decisions are one of the key elements impacting many dimensions of any economy. For instance at the macro level, decisions regarding how much to save affect the economy’s investment possibilities or decisions regarding children’s education affect the overall level of human capital.

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

   socialsci.libretexts.org › Bookshelves › Economics

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   Jul 17, 2023 · 1: Economics - The Study of Choice. 1.1: Defining Economics. Page ID. Anonymous. LibreTexts. Learning Objective. Define economics. Explain the concepts of scarcity and opportunity cost and how they relate to the definition of economics. Understand the three fundamental economic questions: What should be produced?

8. ecampusontario.pressbooks.pub › 1-4-choices1.4 Choices – Principles of Microeconomics

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   Choices and Marginal Thinking. Economists argue that most choices are made “at the margin.”. The margin is the current level of activity. Think of it as the edge from which a choice is to be made. A choice at the margin is a decision to do a little more or a little less of something. Assessing choices at the margin can lead to extremely ...