Lecture 1;

We have discussed 3 Things.

1. Scarcity of products and unlimited wants.

So, we have to make choices and to make choices there is an opportunity cost. Opportunity
cost is the cost to purchase one unit of something on the cost of other things.

2. Purposeful behaviour.

Which means for every transaction there is a purpose behind that or we can say there is an
intention for making thet transaction.

3. MR, MC analysis.

Here we analyse the marginal cost and marginal benefit of the things that we purchase.
There should three cases of the MR, MC analysis

a) MR>MC
consumer will prefer to purchase the things

b) MR=MC
consumers may or may not purchase things as there is a balance between the marginal
benefit and marginal cost.

c) MR<MC
consumers will prefer not to purchase the goods.

So, guys this was today's lecture. I hope your purpose to help others is to please Allah.