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Study Guide

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

59 Pages

Course Code
ECON 110
Michael Frederick Barber

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[ECON 110] Comprehensive fall guide including any lecture notes, textbook notes and exam guides.find more resources at Econ Course Materials: -Can purchase older textbook (Ragan, Christopher T. S., Microeconomics and Macroeconomics 15th Canadian Edition) -Subscription for MyEconLab (homework here, due Sunday nights) -Pearson Catalytics (code available from onQ, link on course page) -MobLab $12 Economic Issues and Concepts 1. People face trade-offs because of their limited resources (land, labour, capital) and unlimited wants. Economics is essentially the study of how to use scarce resources to satisfy human wants, and how people make these decisions. 2. The opportunity cost of something is what you give up in order to obtain it. 3. Incentives are things that motivate you to act, and people really respond to incentives. They can be positive (promotion, financial reward, etc) or they can be negative (failing class, fines, etc). 4. Marginal Thinking: rational people think at the margin, meaning they evaluate whether the benefit of one more unit of something is greater than the cost. 5. Trade Creates Value find more resources at
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