Macroeconomics analyzes the performance by the whole CND
economy and global economy.
Fallacy of composition means that what is true is not true for all;
whole is greater than the sum of parts.
Paradox of Thrift attempts t
The problem of scarcity exists because all human wants
cannot be satisfied with limited time, money, and energy.
Scarcity exists everywhere.
Opportunity cost is the cost of the best alternative given up.
Could be equal to, le
COSTS ARE OPPORTUNITY COSTS
Businesses must pay higher
prices to obtain more of an
input because opportunity
costs change with
The marginal costs of
additional inputs (like labour)
are ultimately opportunity
costs the best alternative
for You ?
SCARCITY AND CHOICE
Because you can never satisfy all of your
wants, making the most out of your life
requires smart choices about what to go
after, and what to give up.
The problem of scarcity arises because of limited
Strike 3 and youre out,
On February 27th, 2015, 6000 Teaching Assistants at the University of Toronto,
who are all members of CUPE 3902 (Canadian Union of Public Employees), went on
strike. On Monday March 3rd, the TAs opened picket lines throwing the uni
UNIVERSITY OF TORONTO
Department of Economics
Introduction to Economics for Non-Specialists
December 3, 2014
Professor A. Cohen
TERM TEST 2
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