[ECN502] - Final Exam Guide - Everything you need to know! (39 pages long)

• School: Seneca College
• Department: Business Administration - Accounting & Financial Planning
• Course: Business Administration - Accounting & Financial Planning ECN502
• Professor: Sandra Wellman

Document Summary

Social science is the study of allocation/distribution of scarce economic resources: scarcity. Not enough of: capital = get more. Scarcity = human wants/desires are unlimited, but resources are not available. Micro = individuals: household, segment markets. Opportunity costs = possibilities: 2 kinds of candy = 1 cents each, you have 10 cents, you have to spend all, no savings, one is not better than the other, subjective. What"s (cid:271)est for o(cid:374)e is (cid:374)ot the sa(cid:373)e for a(cid:374)other. If you have 8 candy and no 2 cents. Insufficient: you (cid:272)a(cid:374)"t get so(cid:373)ethi(cid:374)g outside of the spe(cid:272)tru(cid:373) Desirable but unattainable: or if it is inside the possibility curve it is a waste of resources. Opportunity will increase/decline: natural disasters, war, famine. Preference there is no best: resources are all different. She has to learn the new material. Effect everything: population, labour, capital, technology. Chapter 1 the subject matter of economics. Lo 1. 1 explain the importance of understanding economics.