Week 1 opportunity costs, demand v. quantity demanded


1. Opportunity Costs

What do economists mean by “opportunity cost?”  What are your opportunity costs in taking this course?

2. Demand v. Quantity Demanded

What is the difference between a decline in the quantity demanded and a decline in demand? Give an example of something that you now buy less of. Is it an example of a decline in the quantity you demand or a decline in your demand?

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