ITM 100- Final Exam Guide - Comprehensive Notes for the exam ( 90 pages long!)

• School: Ryerson University
• Department: Information Technology Management
• Course: ITM 100
• Professor: Robert Hudyma

Document Summary

Economics: is the social science concerned with how individuals, institutions and society make optimal choices under the condition of scarcity. 1. 1 ten key concepts to retain for a lifetime. The economy as a whole: production and standard of living: the standard of living of the average person in a country is dependent on its production of goods and services. 1. 2 the economic way of thinking (economic perspective: whenever our wants are greater than the resources to meet those desires we have an economic problem. Scarcity and choice: the economic resources needed to make goods and services are in limited supply, this scarcity restricts options and requires choices (what we will have and not, cant have it all) Nabil el-hashwa: (cid:862)(cid:374)o free lu(cid:374)(cid:272)h(cid:863), may be free to you but there is a cost in some way to someone. Opportunity costs: to get more of one thing you forgo the opportunity to get something else.