Course Notes - ECO1102 B don't email he probably won't...

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ECO1102 Bdon't email he probably won't answer. ask him after class or ask a TA or office hours (TBD)EvaluationMidterms : 3 x 15% M/C onlyAssignment:10%released during reading week.Final:45% all topics, M/c onlysample exam questionswith answers will be provided online along with several past-year examinations hopefully with answers(hopefully with correct ones)- never trust answers or informationChapter 1LO1.Learn that economics is about allocation of scarce resources2.Examine some of the tradeoffs that people face3.Learn the meaning of opportunity costs4.See how to use marginal reasoning when making decisions5.Discuss how incentives affect people's behavior6.Consider why trade among people or nations can be good for everyone7.Discuss why markets are a good, but not perfect, way to allocate resources8.Learn what determines some trends in the overall economyTen Principles of EconomicsEconomy- Greek word for "one who manages a household"Households & economies1.who will work?2.What goods and how many of them should be produced?3.what resources should be used in production?4.at what price should the goods be soldEconomics -science of efficiency. we have to make choices.the study of how society manages it'sscarceresourcesthe management of society's resources is important because resources are scarceScarcitySocietyohas limited resourcesocannot produce all the goods and services people wish to haveTen Principles of EconomicsHow people make decisions (microeconomics)our focus is almost exclusively on efficiency1. People face tradeoffsthere is no such thing as a free lunchto get something, we usually have to give up somethingelseguns v. butterfood v. clothingleisure time v. workefficiency v. equity
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Efficiency: society gets the most that it can from its scarce resourcesyou have a certain quantity of resources(which are used to produce goods and services)Equity: the benefit of those resources are distributed fairly among the members of societyresources:labour, land, capital--> these are known as passive resources, they are not decision makers assuch.a.labour - passiveb.land- passivec.capital- passivec.i.physical capital (machineryc.ii.human capital (knowledge )d.entrepreneurial spirit - what decides what will be produced &how - not passivemaking decisions requires trading off one goal against anothersome people are better at some things than other things. Given that we can't do everything wewant we have to decide what is best for us-what will maximize our economic wellbeing.2.the cost of something is what you give up to get itDecisions require comparing costs and benefits of alternativeswhether to go to college or to workwhether to study or go out on a datewhether to go to class or sleep inopportunity cost of an itemwhat you give up to obtain that item,what you forego in order to obtain this item or do this thing.which one isthe most satisfying alternative? thebest alternativ

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Term
Spring
Professor
davidgray
Tags
Economics, Inflation, Gdp, gov t
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The document you are viewing contains questions related to this textbook.
Exploring Economics
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Chapter 19 / Exercise 3
Exploring Economics
Sexton
Expert Verified

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