[ECON 103] - Midterm Exam Guide - Comprehensive Notes for the exam (15 pages long!)

207 views15 pages

Document Summary

Scarcity: our inability to get everything we want. Microeconomics: the study of the choice that individuals and businesses make, the way these choices interact in markets, and the in uence of governments. Macroeconomics: the study of performance of the national economy and the global economy. People earn their income by selling the services of the factors of production they own: land earns rent, labour earns wages, capital earns interest, entrepreneurship earns pro t. Do choices made in the pursuit of self-interest also promote the social interest: self-interest: the choice that is best for you, social-interest: a choice that is best for society as a whole, efficiency and the social interest. Ef cient: resource use is ef cient if it is not possible to make someone better off without making someone else worse off. Ef ciency does not imply a fair share. Globalization: the expansion of international trade, borrowing, lending, and investment.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers

Related Documents

Related Questions