Introduction
How does technology impact the economic growth in different countries?
Decision Making
Model of Decision Making
●​ Opportunity cost: The value of the next best action not taken (ex: going to college
instead of starting work)
●​ Reservation option: The next best alternative (ex: work)
●​ Economic cost: Direct costs incurred by taking an action + opportunity cost (ex:
money)
●​ Economic rent: Net benefit from option taken (referring to opportunity cost) (ex:
education, a degree)