[ECON 201] - Midterm Exam Guide - Ultimate 29 pages long Study Guide!

• School: Concordia University
• Department: Economics
• Course: ECON 201
• Professor: All

Document Summary

Economics is a social science - it"s concerned with ideas that may improve society. It"s scienti c in its use of (mathematics, models and data/statistical methods) Micro= study of individual behaviour in the context of scarcity: scarcity: problem of having seemingly unlimited human wants in a world of limited resources (society has insuf cient productive resources to ful ll all human wants and needs) Macro= study of the economy as a system in which feedback among sectors determine national output, employment and prices. Mixed economy= goods & services are supplied both by private suppliers and government. Government: intergral role in regulating, redistributing and enforcing contracts. Model: formalization of theory that facilitates scienti c enquiry. Theory: logical view of how things work, is frequently formulated on the basis of observation. Opportunity cost: choice of what must be sacri ced when a choice is made.