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MCMASTERECON 1B03Hannah HolmesWinter

[ECON 1B03] - Final Exam Guide - Ultimate 36 pages long Study Guide!

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Economy - study of how society allocated scarce resources to satisfy everyone"s unlimited wants. Scarcity - means that society has limited resources an
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MCMASTERECON 1B03Aleksandra GajicFall

[ECON 1B03] - Final Exam Guide - Comprehensive Notes for the exam (25 pages long!)

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Positive statement - fact based, can be verified and tested. Going over face-to-face questions as found posted online under content. 1: positive, norma
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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03- Final Exam Guide - Comprehensive Notes for the exam ( 23 pages long!)

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Budget constraint - the outermost boundary of possible purchase combinations that a person can make, given how much money they have and the price of th
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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03- Final Exam Guide - Comprehensive Notes for the exam ( 42 pages long!)

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Economics: the study of how society allocates scarce resources to satisfy society"s unlimited wants. Scarcity: means that society has limited resources
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MCMASTERECON 1B03Aleksandra GajicFall

[ECON 1B03] - Final Exam Guide - Ultimate 24 pages long Study Guide!

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Microeconomics: focuses on the individual parts of the economy. Macroeconomics: looks at the economy as a whole. Rational people: use information they
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MCMASTERECON 1B03Hannah HolmesWinter

ECON 1B03- Final Exam Guide - Comprehensive Notes for the exam ( 27 pages long!)

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How households and firms make decisions and how they interact in specific markets: macroeconomics: focuses on things which effect the economy as a whol
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MCMASTERECON 1B03Dr.PFall

[ECON 1B03] - Final Exam Guide - Ultimate 115 pages long Study Guide!

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Economics: the study of how society allocates scarce resources to satisfy society"s unlimited wants. Scarcity: means that society has limited resources
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MCMASTERECON 1B03Hannah HolmesWinter

ECON 1B03- Final Exam Guide - Comprehensive Notes for the exam ( 61 pages long!)

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Study of how society allocates scarce resources to satisfy society"s unlimited wants. Resources are scarce/limited so we need to come up with a way to
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MCMASTERECON 1B03Aleksandra GajicFall

[ECON 1B03] - Final Exam Guide - Ultimate 98 pages long Study Guide!

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Another case of imperfect competition: oligopoly an oligopoly has: 1. few sellers, usually big firms: homogeneous or nearly identical products. 3. inte
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MCMASTERECON 1B03Aleksandra GajicFall

ECON 1B03- Final Exam Guide - Comprehensive Notes for the exam ( 26 pages long!)

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Demand ; how much people actually value that good. When price in good changes, demand curve goes up and down. When cheaper good comes out that is subsi
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MCMASTERECON 1B03Aleksandra GajicFall

ECON 1B03 Lecture Notes - Lecture 13: Ice Cream Cake, Average Cost, Marginal Revenue Productivity Theory Of Wages

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MCMASTERECON 1B03AllFall

ECON 1B03 Study Guide - Midterm Guide: Twinkie, Clastic Rock, Dental Caries

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MCMASTERECON 1B03AllFall

ECON 1B03 Study Guide - Midterm Guide: Perfect Competition, Externality, Average Variable Cost

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MCMASTERECON 1B03AllFall

ECON 1B03 Study Guide - Midterm Guide: Pencil, Demand Curve, Opportunity Cost

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MCMASTERECON 1B03AllFall

ECON 1B03 Study Guide - Midterm Guide: Pencil, Average Cost, Average Variable Cost

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MCMASTERECON 1B03AllFall

ECON 1B03 Study Guide - Midterm Guide: Pencil, Dental Caries, Midpoint Method

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Make sure you carefully fill in the bubbles. You must fill in your student number, and version number. On the scan sheet or your grade will not be reco
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MCMASTERECON 1B03AllFall

ECON 1B03 Study Guide - Midterm Guide: Pencil, Opportunity Cost, Comparative Advantage

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Answer all questions on the scan sheet using hb pencil. Hand in the scan and this sheet separately. The following table reports production information
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MCMASTERECON 1B03AllFall

ECON 1B03 Study Guide - Midterm Guide: Pencil, Opportunity Cost, Normal Good

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Answer all questions on the scan sheet using hb pencil. Hand in the scan and this sheet separately. Identify the choice that best completes the stateme
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MCMASTERECON 1B03AllFall

ECON 1B03 Study Guide - Midterm Guide: Erft, Internal Fixation, Vog

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The price buyers will pay after the tax is imposed is: The price sellers receive after the tax is imposed is: The amount of the tax per unit imposed in
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MCMASTERECON 1B03AllFall

ECON 1B03 Study Guide - Midterm Guide: Pencil, Economic Surplus, Correction Fluid

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This test paper contains 13 pages including the title page and 40 questions. You are responsible for ensuring that your copy of the paper is complete.
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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Lecture Notes - Lecture 5: Economic Equilibrium, Demand Curve, Inferior Good

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Email the ta if you have any issues or questions about your mark. Dry, but something economists use all the time. Measures how responsive quantity dema
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MCMASTERECON 1B03Aleksandra GajicFall

ECON 1B03 Lecture Notes - Lecture 7: Economic Surplus, Reservation Price, Economic Equilibrium

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Econ 1b03 lecture 7- welfare, externalities, public goods, and government policies. Consumer surplus: everyone has a reservation price, or the highest
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MCMASTERECON 1B03Aleksandra GajicFall

ECON 1B03 Lecture Notes - Lecture 8: Perfect Competition, Taipei Metro, Fixed Cost

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Econ 1b03 lecture 8- production and costs and perfect competition. Notes about the test: next test 2 review, test 2 will cover chapters 4-7. There will
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MCMASTERECON 1B03Aleksandra GajicFall

ECON 1B03 Lecture Notes - Lecture 13: Ice Cream Cake, Average Cost, Marginal Revenue Productivity Theory Of Wages

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0
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MCMASTERECON 1B03Aleksandra GajicFall

ECON 1B03 Lecture Notes - Lecture 5: Chocolate Cake, Demand Curve, Normal Good

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If the quantity demanded changes significantly in response to a change in price, we say that the demand is elastic. If it does not change significantly
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MCMASTERECON 1B03Aleksandra GajicFall

ECON 1B03 Lecture Notes - Lecture 9: Average Variable Cost, Club Good, Price Elasticity Of Demand

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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Lecture Notes - Lecture 1: Externality, Opportunity Cost, Invisible Hand

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Economics: the study of how society manages its scarce resources, e. g. how people decide what to buy, how much to work, save and spend. How firms deci
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MCMASTERECON 1B03Aleksandra GajicFall

ECON 1B03 Lecture Notes - Lecture 2: Microsoft Powerpoint, Positive Statement, Absolute Advantage

OC25227064 Page
0
Econ1b03 lecture 2 - production possibilities and gains from trade. Microeconomic background information: positive statement- a claim that you can prov
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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Lecture Notes - Lecture 10: Monopolistic Competition, Marginal Revenue, Demand Curve

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Econ 1b03 lecture 7: monopoly and monopolistic competition. Big firm that produces a firm that nobody produces anything like: no substitutes. Service e
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MCMASTERECON 1B03Hannah HolmesWinter

ECON 1B03 Lecture Notes - Lecture 4: Economic Surplus, Reservation Price, Demand Curve

OC53748813 Page
0
Benefits consumers and firms receive when participating in the market (buying and selling) The maximum amount that a buyer will pay for a good. Measure
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MCMASTERECON 1B03Hannah HolmesWinter

ECON 1B03 Chapter Notes - Chapter 7: Adding Machine, Apple Juice, Economic Surplus

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222
If a drought in nova scotia reduces the apple harvest, the supply curve for apples shifts to the left, as shown in figure 5. The result is a rise in th
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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Chapter Notes - Chapter 14-23: Adverse Selection, Production Function, Making Money

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Competitive market: market with many buyers and sellers trading identical products so that each buyer and seller is a price taker. Actions of single bu
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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Chapter Notes - Chapter 1-15: United World Wrestling, Points Of The Compass, Vxx

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MCMASTERECON 1B03Hannah HolmesWinter

ECON 1B03 Chapter Notes - Chapter 4: Demand Curve, Ice Cream Cone, Hyperbola

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Measures the responsiveness of quantity demanded or quantity supplied is to changes in price or other determinants. If price changes, will quantity dem
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MCMASTERECON 1B03Mrs.GajicaFall

ECON 1B03 Chapter Notes - Chapter 3: Comparative Advantage, Absolute Advantage, Opportunity Cost

OC3888171 Page
55
Comparative: absolute advantage: the ability to produce a good using fewer inputs than another producer. If each country has an absolute advantage in o
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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Chapter Notes - Fall 2018 Chapter 2 - Opportunity cost

To move from 0 to 500 trucks (a to b): To get 500 trucks, give up 2000 smartphones. To get 1 truck, give up 2000/500 = 4 smartphones. Therefore opportu
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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Chapter Notes - Chapter 6: Insulin, Broccoli, Ice Cream Cone

If we are given % changes in price and corresponding changes in qd, we use formula: Ex: price of milk increases by 2% and qd decreases by 0. 5% When we
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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Chapter 3: Market Supply and Equilibrium

A change in quantity supplied: movement along supply curve due to change in price of good. A change in supply: shift of supply curve due to a change in
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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Chapter 3: Analyzing Market Equilibrium Part2

Often, events can happen which will shift demand/supply/both. This will lead to a change in equilibrium p and q. We can use our diagrams to see what ha
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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Chapter 1: Intro to Microeconomics

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MCMASTERECON 1B03Hannah HolmesFall

[ECON 1B03] - Final Exam Guide - Everything you need to know! (60 pages long)

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MCMASTERECON 1B03Hannah HolmesWinter

ECON 1B03 Chapter Notes - Chapter 7: Adding Machine, Apple Juice, Economic Surplus

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MCMASTERECON 1B03Hannah HolmesFall

practice exam econ 1b03

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Choose the one alternative that best completes the statement or answers the question. 1) ________: food, cloth, neither product, either product, both p
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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Study Guide - Final Guide: Competitive Equilibrium, Perfect Competition, Economic Equilibrium

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MCMASTERECON 1B03Aleksandra GajicFall

[ECON 1B03] - Final Exam Guide - Ultimate 98 pages long Study Guide!

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Another case of imperfect competition: oligopoly an oligopoly has: 1. few sellers, usually big firms: homogeneous or nearly identical products. 3. inte
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MCMASTERECON 1B03Aleksandra GajicFall

[ECON 1B03] - Final Exam Guide - Comprehensive Notes for the exam (25 pages long!)

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Positive statement - fact based, can be verified and tested. Going over face-to-face questions as found posted online under content. 1: positive, norma
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MCMASTERECON 1B03Hannah HolmesWinter

ECON 1B03- Final Exam Guide - Comprehensive Notes for the exam ( 61 pages long!)

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Study of how society allocates scarce resources to satisfy society"s unlimited wants. Resources are scarce/limited so we need to come up with a way to
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MCMASTERECON 1B03Hannah HolmesWinter

[ECON 1B03] - Final Exam Guide - Ultimate 36 pages long Study Guide!

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Economy - study of how society allocated scarce resources to satisfy everyone"s unlimited wants. Scarcity - means that society has limited resources an
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MCMASTERECON 1B03AllFall

ECON 1B03 Midterm: ECON 1B03,Term Test 2

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Price of elasticity of demand analysis 12. Welfare total surplus and deadweight loss 21. Government policies sales tax on consumers 32. Government p
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MCMASTERECON 1B03AllFall

ECON 1B03 Study Guide - Midterm Guide: Invisible Hand, Opportunity Cost, Comparative Advantage

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Introduction to economics: production possibilities, ppf and opportunity costs, comparative advantage, market demand, market supply, market equilibrium
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