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April 22, 2018 

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PERCEPTION: How a person interprets the sensual inputs received through seeing, hearing, smelling, tasting, and touching. This process requires the individual to select, organize, and decode the various stimuli surrounding him/her in the environment. The important thing is not what is said by the talker, but what is heard by the listener. This process is critical to understanding consumer buying behavior.

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Lesson 3: Scarcity | Unit 3: Opportunity Cost Page: 10 of 17

Topic: Economic Cost <=PAGE BACK | PAGE NEXT=>

The pervasive problem of scarcity makes opportunity cost fundamental to life itself and to the study of economics.
  • Economists use the term economic cost to mean opportunity cost. They also just use the term cost.
  • Cost is foregone alternative, not necessarily the amount of money paid. Money is a way to keep score. Money is a good way to measure opportunity cost, but not the only way.Two types of opportunity or economic costs:
  • Explicit opportunity cost: Out-of-pocket or accounting cost that involves a money payment.
  • Implicit opportunity cost: Cost that does not involve a money payment.

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PRIVATE SECTOR

The combination of households and businesses into a single group. It is termed the private sector to indicate that decisions are made by private individuals (either consumers or producers) in pursuit of their personal self-interests. The contrasting phrase is public sector, in which decisions are made by governments on behalf of the public.

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Today, you are likely to spend a great deal of time browsing about a thrift store seeking to buy either a packet of address labels large enough for addresses of both the sender and the recipient or a key chain with a built-in flashlight and panic button. Be on the lookout for door-to-door salesmen.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
"The vacuum created by failure to communicate will quickly be filled with rumor, misrepresentations, drivel and poison. "

-- C. Northcote Parkinson, historian

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World Intellectual Property Organization
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