ECON 110- Final Exam Guide - Comprehensive Notes for the exam ( 59 pages long!)

• School: Queen's University
• Department: Economics
• Course: ECON 110
• Professor: Michael Frederick Barber

Document Summary

Can purchase older textbook (ragan, christopher t. s. , microeconomics and. Subscription for myeconlab (homework here, due sunday nights) Pearson catalytics (code available from onq, link on course page) Economic issues and concepts: people face trade-offs because of their limited resources (land, labour, capital) and unlimited wants. Today we"ll be discussing : changes in tech and how they affect ppb, specialization, trade (examples, comparative advantage & absolute advantage, terms of trade, how to impact ppb. To increase our ppb, we can improve our technology or increase our resources. Production of maple syrup falls on y-axis, and poutine on x-axis. If we increase our technology to produce poutine, the x intercept will move further to the right. Similarly, if we increase our technology to produce maple syrup, the y intercept will shift up. If we increase our resources, both x and y intercepts will move positively in their respective directions.