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Economic Policy Seminar

23115 Study Guide - Midterm Guide: Ceteris Paribus, Marginal Utility, Marginal Cost
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Economics What is economics Scarcity: Available resources cant produce all goods/services ppl desire Scarcity forces people to make choices (we face trade offs) Micro: focuses on individual agents (household/f...

Business
23115
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23115 Study Guide - Final Guide: Gdp Deflator, Net Income, Government Spending
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Measuring a Nations income Cost of Living How GDP is defined and calculated Macroeconomics: explains economic changes affect economy as whole GDP measures nations total income (best measure of society wellbeing) Better...

Business
23115
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23115 Study Guide - Final Guide: Deflation, Business Cycle, Arbitrage

MACROECONOMICS Macroeconomics the study of the economy as a whole. The goal of macroeconomics is to explain the economic changes that affect many households, firms and markets at once. THE ECONOMYS INCOME AND EXPENDITURE G...

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23115
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23115 Study Guide - Final Guide: Price Ceiling, Market Distortion, Price Floor

DEMAND AND SUPPLY Supply and demand are the forces that make the economy work. The terms refer to the behaviour of people as they interact with one another in competitive markets. MARKET A market is a group of buyers and s...

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23115 - Course Notes

CHAPTER 1- general principals of economics * Within economics there is a regular use of the word marginal which means additional or extra. * Utility is the satisfaction or pleasure a consumer receives from obtaining a good...

Business
23115
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23115 - Economics for Business Extensive Summary

23115: Economics for Business The social science that studies the choices that individuals, businesses, governments make as they cope with scarcity and the incentives that influence those choices. o The word economy = Gree...

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23115
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23115 - Economics for Business Summary

Measuring GDP and Economic Growth GDP (gross domestic product): market value of all final goods and services (valued at their market priced) produced in a country in a given time period Actual Output (GDP) = Actual Expendi...

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23115
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Economics for Business 23115

Economics for Business (23115) NotesChapter 1 Ten Principles of EconomicsThe word economy comes from the Greek word for one who manages a household. The management of societys resources is important because resources are s...

Business
23115
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