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All Educational Materials for ECON 104 at University of Victoria

Principles of Macroeconomics

ECON 104 Lecture Notes - Lecture 12: Autarky, Exchange Rate, Business Cycle

Chapter 5 The International Flows of Capitals and Goods o When an economy is so called "open," it means that a country's spending in any given year is...

Economics
ECON 104
Kenneth Stewart
ECON 104 Lecture Notes - Lecture 12: Loanable Funds, Demand Curve, Real Interest Rate

Chapter 8: Saving, Investment, and the Financial System Financial System: the institutions in the economy that help match one person's saving with another person's investment. • The financial sy...

Economics
ECON 104
Kenneth Stewart
Textbook Guide Economics: Voting Paradox, Vehicle Insurance, Moral Hazard

Frontiers of Microeconomics Asymmetric Information o A difference in access to information on a relevant context is referred to as information asymmetry. Hidden actions occur when a person behaves in a way that is relevant...

Economics
ECON 104
Textbook Guide Economics: Gdp Deflator, Gross Domestic Product, Macroeconomics

Measuring a Nations Income Microeconomics is the study of how households and firms interact and make decisions within a specific (thus, smaller or micro) economy. Macroeconomics is the study of economywide (meaning economi...

Economics
ECON 104
Textbook Guide Economics: Marginal Utility, Marginal Cost, Invisible Hand

Ten Principles of Economics Societys resources must be managed because resources are scarce. o The limited nature of resources is referred to as scarcity. The study of how society manages its scarce resources is called eco...

Economics
ECON 104
Textbook Guide Economics: Efficient-Market Hypothesis, Diminishing Returns, Risk Aversion

The Basic Tools of Finance Finance is the study of how people and businesses make decisions to allocate resources and manage risk over time. Present Value: Measuring the Time Value of Money A sum of money today is greater ...

Economics
ECON 104
Textbook Guide Economics: Federal Open Market Committee, Federal Reserve System, Fiat Money

Monetary System The Meaning of Money Money is any set of assets in an economy that people use regularly to buy goods and services. The three functions of money in the economy are: o Medium of exchange is any item that buye...

Economics
ECON 104
[] - Final Exam Guide - Comprehensive Notes for the exam (128 pages long!)

Earnings and Discrimination Some Determinants of Equilibrium Wages o Difficult and dangerous jobs tend to have greater equilibrium wages; the difference between wages that is resultant from nonmonetary characteristics in d...

Economics
ECON 104
Textbook Guide Economics: Absolute Advantage, Comparative Advantage, Opportunity Cost

Interdependence and the Gains from Trade A Parable for the Modern Economy o Trade expands the set of consumption opportunities and allows individuals specializations to provide efficiency for the production of goods and se...

Economics
ECON 104
Textbook Guide Economics: John Stuart Mill, Jeremy Bentham, Redistribution Of Income And Wealth

Income Inequality and Poverty The Measurement of Inequality o Inequality can be measured by comparing the ratio of income received by the richest tenth of the population of an economy to the income of the poorest tenth of ...

Economics
ECON 104
Textbook Guide Economics: Nominal Interest Rate, Real Interest Rate, Gdp Deflator

Measuring the Cost of Living The Consumer Price Index o The consumer price index or CPI measures the overall costs of the goods and services bought by the average consumer. o Calculating CPI (steps) 1. Determine which pric...

Economics
ECON 104
Textbook Guide Economics: Credit Risk, Barter, Loanable Funds

Saving, Investment, and the Financial System The group of institutions in an economy that help match an individuals savings with anothers investment is referred as the financial system. Financial Institutions in the U.S. E...

Economics
ECON 104
Textbook Guide Economics: Average Variable Cost, Marginal Cost, Marginal Product

Costs of Production Total Revenue, Total Cost, and Profit Profit = total revenue total cost o Total revenue The total income of a firm from the sale of goods or services. Is equal to price x quantity. o Total cost is equal...

Economics
ECON 104
Textbook Guide Economics: Human Capital, Diminishing Returns

Production and Growth Economic Growth around the World o Rich economies and poor economies are dynamic and can easily change to become poor economies and rich economies. Productivity: Its Role and Determinants o Almost all...

Economics
ECON 104
Textbook Guide Economics: Average Variable Cost, Sunk Costs, Market Power

Firms in Competitive Markets The Meaning of Competition A competitive market has many buyers and sellers. The goods and services sold in a competitive market are homogeneous, or nearly identical. Both the firms and the sel...

Economics
ECON 104

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