Economics

there is no free lunch

one who manages households (G), determine efficiency of resources

what you give up to get something

decisions are made at the margin

SC>PC

able to control market

fastest way to do something

based on efficiency

based on opportunity costs

king/queens own all land

private property

government shouldn't touch economy

self interest improves society

specific jobs

Adam Smith the wealth of nations

1970 why seat belts kill University of Chicago

time to have child

business has to be there, vacationer do whatever they want

They pay 600 a year which is >average GDP/ their best option, they want to do it

Opportunity cost change overtime, resources are not equally utilized in both production processes