ECO 1104 Study Guide - Final Guide: Absolute Advantage, Demand Curve, Opportunity Cost

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ECO 1104 Full Course Notes
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ECO 1104 Full Course Notes
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Eco1104: microeconomics complete notes for final exam. Opportunity cost: the loss of potential gain from other alternatives when one alternative is chosen. Ten principles of economics: to keep in mind: The word economy comes from the greek work for one who manages a household. The management of society"s resources (e. g. , people, land, buildings, machinery) is important because resources are scares. Economics: the study of how society manages its scares resources. Economist: person who: how people make decisions, people face trade-offs. There ain"t no such thing as a free lunch. Making decisions requires trading-off one goal against another one. : how to allocate your time, your income, efficiency vs. equality. Efficiency: the property of society getting the maximum benefits from its scares resources. Equity: the property of distributing economic prosperity fairly among the members of society: the cost of something is what you give up to get it.

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