[ECON 103] - Midterm Exam Guide - Ultimate 19 pages long Study Guide!

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Microeconomics: (cid:894)usually e(cid:272)o(cid:374)o(cid:373)i(cid:272)s that"s (cid:374)ot o(cid:374) the (cid:374)e(cid:449)s(cid:895) Fact: we all want more than we can get. Scarcity: the inability to satisfy our wants: so, we must make choices. Incentive: a reward that encourages an action or a penalty that discourages an action. Choices that are best for society as a whole: efficiency versus equity. Efficiency: resource use is efficient if it is not possible to make someone better off without making another person worse off. Equity: fai(cid:396)(cid:374)ess (cid:894)but (cid:449)hat is fai(cid:396)? (cid:895) Information-age monopolicies: there has been technology change in the past 40 years, called the information. Revolution: self interest: microsoft was only available operating system for pc, and it gave us pho(cid:374)es, laptops, apps, a(cid:374)d the i(cid:374)te(cid:396)(cid:374)et . Ca(cid:374) go(cid:448)"ts gi(cid:448)e i(cid:374)(cid:272)e(cid:374)ti(cid:448)es so our self interest choices are also in the social interest?: economic instability (2008 bank crash, the (cid:271)a(cid:374)k"s (cid:272)hoi(cid:272)es to take deposits a(cid:374)d (cid:373)ake loa(cid:374)s a(cid:396)e (cid:373)ade i(cid:374) the self-interest of the company.

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