Help For Your Introductory Economics Course

To help you navigate week 1 I have complied a list of extra resources for you to peruse for week 1 or ECO-201. For assistance with the first discussion assignment: Video Introducing Discussion 1 Opportunity Cost Clip on YouTube Opportunity Cost Overview Opportunity Cost – And Pretty Little Mistakes For assistance with the first homework assignment (found within MyEconLab): YouTube Clip Introduction to the Production Possibilities Frontier PPF Sample Problem Opportunity Cost Sample Problem For help with selecting a firm for your final project (this same firm will be used for all milestone assignments): use these guidelines

Every society faces trade-offs because we live in a world of scarcity .  Suppose Stacy has the opportunity to go to school next year full-time to become a Nurse Practitioner.  Stacy currently works as a nurse and earns $60,000 per year at her hospital.  Stacy has been offered another job to work as a home healthcare nurse that would pay $70,000 per year.  If Stacy goes to school to become a Nurse Practitioner for one year, she would not have time to work.  What is the opportunity cost of Stacy going to Nurse Practitioner school? To answer this question, we need to start by making sure we understand the underlined economic terms above. Let’s start with trade-offs, which occur due to scarcity.  Scarcity is one of the cornerstone concepts of economics.  Scarcity describes a situation in which unlimited wants exceed the limited resources available to fulfill those wants.  A trade-off is the idea that, because of scarcity, producing more of one...