[ECON 1020] - Final Exam Guide - Comprehensive Notes for the exam (25 pages long!)

• School: University of Denver
• Department: Economics
• Course: ECON 1020
• Professor: Cole Paula

Document Summary

Productivity of workers is dependent on health of workers. Neoclassical economics: basic economics, supply and demand, resources are scarce. How to make use of what we do have. Regulates economic activity/establishes equilibrium between demand and supply. Marginalism: the process of analyzing the additional or incremental costs or benefits arising from a choice. Efficient market: a market in which profit opportunities are eliminated. What gets produced, how it is produced, and to whom it is distributed. The primary resources needed are land, labor, and capital. Understanding behavior and the operation of systems without making judgments. It describes what exists and how it works. Ex: it is snowing in denver: not true, but positive because we can test it. Analyzes outcomes of econ behavior, evaluates them as good or bad: requires a value judgment. Political economists say impossible to avoid making value judgments. Ex: it should be snowing in denver: opinion, value judgment.