西方经济学习题集(双语版).pptxVIP

1.2questions and answersWhat is an opportunity cost? How does the idea relate to the definition of economics?An opportunity cost is what was sacrificed to do or acquire somethingelse. The condition of scarcity creates opportunity cost. If there was no scarcity, there would be no need to sacrifice one thing to acquire anotherWhat are the key elements of the scientific method and how doesthis method relate to economic principles and laws?The key elements include the gathering of data (observation), the formulation of possible explanations (hypothesis), testing the hypothesi determining the valid