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ECN 603 Study Guide - Final Guide: Ceteris Paribus, Allocative Efficiency, Marginal Cost

132 views28 pages
orchidmarten118
23 Nov 2017
School
Ryerson University
Department
Economics
Course
ECN 603
Professor
B Thompson

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Document Summary

Economics: is the social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with scarcity and the incentives that influence and reconcile those choices. Microeconomics: is the study of choices that individuals and businesses make, the way those choices interact in markets, and the influence of governments. Macroeconomics: is the study of the performance of the nation and global economies. Goods and services are the objects that people value and produce to satisfy human wants. Who gets the goods and services depends on the incomes that people earn. Labour earns wages: capital earns interest, entrepreneurship earns profit. You make choices in self-interest- choices you think are best. Social interest: you make choices that are best for society as a whole: 2 dimensions: efficiency and equity. Equity: is fairness, but economists have a variety of views of what is fair.

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Related Questions

1) Which of the following is the best definition of economics? A) The study of how producers decide what inputs to hire and what outputs to produce. B) The study of how a provincial government allocates tax dollars. C) The study of how individuals, businesses, governments, and entire societies make choices as they cope with scarcity and the incentives that influence and reconcile those choices. D) The study of how consumers spend their income. E) The study of how consumers and producers meet each other at the market.

2) Which of the following is the best definition of economics? A) The study of how individuals, businesses, governments, and entire societies make choices as they cope with scarcity and the incentives that influence and reconcile those choices. B) The study of how consumers and producers meet each other at the market. C) The study of how a provincial government allocates tax dollars. D) The study of how consumers spend their income. E) The study of how producers decide what inputs to hire and what outputs to produce.

Economics is the social science that studies:
a. how people make choices to cope with scarcity.
b. how choices made in the social interest could eliminate scarcity.
c. the real reasons people buy goods and services.
d. whether the nation has enough natural resources.
e. the psychology of individuals and businesses.