ECON 1102 Study Guide - Comprehensive Final Exam Guide - Inflation, Gross Domestic Product, Canada
20 Nov 2018
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Econ 1102 - lecture #1 - economic issues and concepts. Food - not if there is no change in the amount of expenditure. Capital has gotten more productive, people with more capital are getting richer: these are sometimes referred to goods and services: goods are tangible, services are tangible, we live in a service industry. Example: you can only spend on either pizza or beer. If we assume beer is , and pizza is. , what does our budget line look like: if i only want beer - you can buy / = 10, if i only want pizza - you can buy / = 20, plot these on your axes. Example: if you make ,000 at your current job, but are considering a job paying ,000. How to expand a country"s ppb: increased level of goods and services.
