ECON 1000 Study Guide - Midterm Guide: Economic Equilibrium, Demand Curve, Unemployment

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ECON 1000 Full Course Notes
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ECON 1000 Full Course Notes
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Chapters 1, 2 and 3 are on both mid-terms, chapters 20 and 21 are on macroeconomics. Definition of economics: define scarcity, choices, opportunity cost and incentives, main branches; micro and macroeconomics. Two big economic questions: what, how and for whom to produce. Define factors of production: how can choices made in the pursuit of self interest also promote the social interest, the role of institutions. Economics as a social science and policy tool. Production possibilities and opportunity cost: efficiency, opportunity cost, production possibility frontier (ppf model) Gains from trade: comparative advantage and absolute advantage, dynamic comparative advantage. Markets and prices: relative prices as opportunity costs. Demand: define demand curve and law of demand, distinction between demand and quantity demanded, shifts in demand vs. movement along the demand curve, related goods in consumption. Supply: define supply curve and law of supply, distinction between supply and quantity supplied, shifts in supply vs. movement along the supply curve, related goods in production.

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