March 21, 2018 

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PERSONALITY: A consistent pattern of behavior in certain situations. These behavioral tendencies are influenced by both hereditary and environmental factors resulting in individual characteristics. Marketing researchers look for certain personality characteristics that affect patterns of consumer buying behavior.

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Lesson 3: Scarcity | Unit 3: Opportunity Cost Page: 11 of 17

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  • The basic concept of opportunity cost as the highest valued alternative foregone in the pursuit of an activity.
  • How the fact that limited resources have alternative uses intertwines the notion of opportunity cost and the basic problem of scarcity.
  • Why economic cost is synonymous with opportunity cost.
  • Why opportunity cost need not be measured in money terms.
  • The difference between explicit and implicit opportunity cost.

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The four aggregate sectors of the macroeconomy--household, business, government, and foreign--that reflect four key macroeconomic functions and are responsible for four expenditures on gross domestic product. These four sectors are the primary "actors" on the macroeconomic stage. Macroeconomic theories then explain macroeconomic phenomena by exploring the interaction among these four sectors.

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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius hoping to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for malfunctioning pocket calculators.
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A half gallon milk jug holds about $50 in pennies.
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