ECN 204- Final Exam Guide - Comprehensive Notes for the exam ( 31 pages long!)
30 Nov 2017
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Document Summary
We use economics to answer: how prices are determined, how government can influence the economy, why some countries are wealthier than other, there is no consensus. The economic problem that all societies must solve: what goods and services will be produced, how will the goods and services be produced, who will receive the goods and services produced. Individuals units (household, firm, or industry) and their decision making process. Macroeconomics examines: the whole economics, the subdivisions or aggregates. Scarce resources (factors of production: land, labour, human capital, capital. Investment in inputs (building, trucks, cars, and etc. : entrepreneurial ability. Illustrates production choices: assumptions, full employment, fixed resources, fixed technology, two goods, consumer goods, capital goods, assume two types of goods: public goods provided by the government (operations) and private goods (cans) provided by private firms. Assessing the health of the economy: performance and policy.
