Abstract
| Language | English |
|---|---|
| Pages | 256-262 |
| Number of pages | 7 |
| Journal | Proceedings of the IABE-2008 annual conference |
| Volume | 5 |
| Issue number | 1 |
| Publication status | Published - 2008 |
| Event | International Academy of Business and Economics Conference (6th : 2008) - Las Vegas, Nevada Duration: 19 Oct 2008 → 22 Oct 2008 |
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Keywords
- opportunity cost
- surveys
- economic education
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Is the concept of opportunity cost misunderstood? Survey evidence from students studying economics in Australia. / Macri, Joseph.
In: Proceedings of the IABE-2008 annual conference, Vol. 5, No. 1, 2008, p. 256-262.Research output: Contribution to journal › Conference paper › Research › peer-review
TY - JOUR
T1 - Is the concept of opportunity cost misunderstood? Survey evidence from students studying economics in Australia
AU - Macri, Joseph
PY - 2008
Y1 - 2008
N2 - The notion of opportunity cost is arguably the most fundamental concept in economics and is often viewed as crucial in explaining and understanding individual rational choice on the basis of trade-offs. This study surveys the responses to an opportunity cost question which was adapted from the popular textbook, Robert Frank and Ben Bernanke’s textbook, Introduction to Microeconomics (2001). The results attained in this study are consistent with the Ferraro and Taylor (2005) study and raises serious questions about the understanding of fundamental concepts in economics. Furthermore, there may be implications in the way fundamental concepts in economics are taught to students.
AB - The notion of opportunity cost is arguably the most fundamental concept in economics and is often viewed as crucial in explaining and understanding individual rational choice on the basis of trade-offs. This study surveys the responses to an opportunity cost question which was adapted from the popular textbook, Robert Frank and Ben Bernanke’s textbook, Introduction to Microeconomics (2001). The results attained in this study are consistent with the Ferraro and Taylor (2005) study and raises serious questions about the understanding of fundamental concepts in economics. Furthermore, there may be implications in the way fundamental concepts in economics are taught to students.
KW - opportunity cost
KW - surveys
KW - economic education
M3 - Conference paper
VL - 5
SP - 256
EP - 262
JO - Proceedings of the IABE-2008 annual conference
T2 - Proceedings of the IABE-2008 annual conference
JF - Proceedings of the IABE-2008 annual conference
SN - 1932-7498
IS - 1
ER -