[ECN 104] - Midterm Exam Guide - Comprehensive Notes for the exam (55 pages long!)

• School: Ryerson University
• Department: Economics
• Course: ECN 104
• Professor: Emilia Barbu

Document Summary

2016-09-07 (cid:498)economics(cid:499) is from greek origin, means the management of resources. Finding the best use of resources given the constraints (scarcity of resources) 1. 1 - ten key concepts to retain for a lifetime: Concepts concerning the individual: people go to work because of a monetary incentive) Scarcity and choice limited supply of resources results in having to make. Examining marginal benefits & costs (cid:498)marginal(cid:499) = extra, additional, change. Positive economics the analysis of facts to establish cause-and-effect. Economic principle a well-tested & widely accepted statement about. Microeconomics examines individual units (i. e. household, firm, industry. Macroeconomics examines the whole economy (country or province-wide) including subdivisions or aggregates collection of specific economic units treated as one and relationships between them. Normative economics value judgments about what the economy should be. Economic problem individuals need to make choices because we have. Attainable and unattainable combinations anything under the budget line is. Trade-offs and opportunity costs allocating budget between two different.