All Educational Materials for ECN 104 at Ryerson University

Economics is about how the society manages its limited resources. Firm"s must know what to produce, how to product and how much to produce. Scarcity-is

2016-09-07 (cid:498)economics(cid:499) is from greek origin, means the management of resources. Finding the best use of resources given the constraints

Economics: the social science concerned with how individual, institutions, and society make optimal (best) choices under condition of scarcity. Free wi

Natural resources used to produce goods and services. The physical and mental talents of individuals used in producing goods and services. Human-made r

Lecture 1: chapter 1 introduction to microeconomics. Example: given to buy dvds and books. What are the options if the price of a dvd is and the pric

Microeconomics: study individual decisions and how they interact. Individual choice is the decision by an individual of what to do, which necessarily i

Page 1 of 7 increase: decrease, remain unchanged, although tire prices are likely to fall. remain unchanged, although tire prices are likely to rise. r

A minimum of 2 marks was given if you wrote anything. In general: graphs worth 2 marks each if done correctly. 2 marks if you explained the price/deman

Identify the choice that best completes the statement or answers the question. ___: a profit-maximizing firm in a competitive market is currently produ

Page 1 of 7 increase: decrease, remain unchanged, although tire prices are likely to fall. remain unchanged, although tire prices are likely to rise. r

___: what is the opportunity cost of good y for a consumer whose budget line is given by the equation. 70 x + 40 y = 300 a. b. c. d: none of the above.

Answer all parts of questions 37 and 38. Suppose our economy has the following production possibilities: graph the ppc curve. You do not have to have a

Microeconomics: the study of individual decisions and how they interact: questio(cid:374)s (cid:449)e"ll a(cid:374)s(cid:449)e(cid:396) i(cid:374) this

Microeconomics: the study of individual decisions and how they interact: questions we"ll answer in this course include . Ppf would map out all the feas

Chapter 1: ten principle of economics 1/11/2013 9:55:00 am. The word economy comes from the greek work for one who manages a household . It must decide

Pages 5-15: we get the sense that this is a post-apocalyptic world. The ignorance of the natives towards common phrases and things. He is the last huma

Ecn 104 - lecture 1 - limits, alternatives and choice. The economy as a whole and the standard of living. Resources can only be used for one purpose at

Assignment 2 (each question is worth of 3. 5 points) Suppose that the price of wine she buys is equal to the price of cheese she buys. Refer to the dia

Consider the following payoff matrix in which the numbers indicate the profit in millions of dollars for a duopoly based either on a high-price or a lo

Test bank > control panel > pool manager > pool canvas. Select a question type from the add question drop-down list and click go to add questions. Use

Externality: the uncompensated impact of ones person actions on the well-being of a bystander. If the impact on the bystander is adverse, it is called

Whenever our wants are greater than the resources to meet those wants, we have an economic problem. It is this reality that gives economists their uniq

Economic problem of consumers: limited income, unlimited wants, budget line provides options, consumers have different preferences of bundles on the bu

Chapter one: limits, alternatives, and choices: scarcity restricts options and requires us to make choices, decide what we must have and what we must g

Facing trade offs scarcity in relation to wants means you face trade-offs, therefore you have to make choices. Opportunity costs cost of the choice you

A monopoly is referred as a natural monopoly if the market demand curve intersects the long run atc curve at any point where average total cost is decl

Ma(cid:396)ket- a g(cid:396)oup of (cid:271)u(cid:455)e(cid:396)s a(cid:374)d selle(cid:396)s of a pa(cid:396)ti(cid:272)ula(cid:396) p(cid:396)odu(cid

Instructions: select the best answer for each multiple choice question and record the letter you have chosen on the scanner sheet. Answer all 60 questi

Microeconomics: the study of individual decisions and how they interact: questio(cid:374)s (cid:449)e"ll a(cid:374)s(cid:449)e(cid:396) i(cid:374) this

It is a science: there is a lot of math and predictions in the course. It is a social science/ study: it is the most scientific of the social sciences:

Identify the choice that best completes the statement or answers the question. ___: a profit-maximizing firm in a competitive market is currently produ

Microeconomics: the study of individual decisions and how they interact: questions we"ll answer in this course include . Ppf would map out all the feas

Scarcity: the limited nature of society"s resources. Natural resource, land and workers" time are all limited in its availability. Economics: is about

Economics: the social science concerned with how individual, institutions, and society make optimal (best) choices under condition of scarcity. Free wi

5. 3 utility maximization & the demand curve. 5. 1 the law of diminishing marginal utility. Added satisfaction declines as a consumer acquires addition

Economic systems: a particular set of institutional arrangements and a coordinating mechanism for producing goods and services. Rely on decentralized d

A particular set of institutional arrangements and a coordinating mechanism for producing goods and services. Most property resources are owned by the

The individual: facing trade-offs, opportunity costs, choosing a little more or less, the influence of incentives. Interaction among individuals: speci

Principle #2: the cost of something is what you give up to. Get it: opportunity cost : what you give up to obtain something, to become a doctor, you ne

The benefit or satisfaction form the consumption of goods and services. Marginal utility: extra satisfaction from consuming one more unit. Total utilit