ECON 103- Final Exam Guide - Comprehensive Notes for the exam ( 31 pages long!)
30 Nov 2017
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Factors of production: land - rent, labour - wages, capital - interest. Human capital (education/experience) and capital (machines/tools: entrepreneurship - pro t. 6 key ideas de ne the economic way of thinking: a choice is a trade off, people make rational choices by comparing bene ts & costs. Marginal bene t: bene t from pursuing an incremental increase in an activity. Marginal cost: opportunity cost of pursuing incremental increase in an activity. Two types of statements: positive - tested by checking against facts, normative - expresses opinion/can"t be tested. Tuesday, september 5, 2017: opp cost would be . 4 billion. Boundary between those combo. of goods & services that can be produced and those that cannot. Ppf for cola & pizzas. ref to slide 3: production ef ciency: when we cannot produce more of one good w/o producing less of the other good (only referring marginal cost curve)
