Study Guides (248,404)
Canada (121,536)
ECON 208 (53)

ECON 208 Final: ECON 208 - All Lecture Notes (FULL SEMESTER)

27 Pages
Unlock Document

Economics (Arts)
ECON 208
El- Attar Mayssun

1 ECON 208 NOTES CHAPTER 1 ECONOMIC ISSUES CONCEPTS Consumer = satisfactionutility Producer = Profit K market = Macro L market = Micro Watch: A career in Economics its much more than you think 1.1 What is Economics? The study of the use of scarce resources to satisfy unlimited human wants. (Always want more than less) but Resources limited! Problem for economy overall = scarcity> forced to make choices Resources: land (l); Labour (L); Capital (K) financial or physical (in micro = machines) = Factors of Production Outputs = goods (G) tangible or services (S) intangibles Scarcity choice: scarcity = choice > association cost = opportunity cost > value of best alternative optionway Scarcity of resources=choice=opportunity cost Example: p. 530 16 to spend: beer 4 pizza 2 Feasible combinations in green because of limited resources Green line uses all resources A Production Possibilities Boundary (PPB) Scarcity Choice
More Less

Related notes for ECON 208

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.