[ECON101] - Final Exam Guide - Everything you need to know! (50 pages long)

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ECON101 Full Course Notes
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ECON101 Full Course Notes
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Economics - the study of the choices people make and the actions they take in order to make the best use of scarce resources in meeting their wants and needs. If benefits (x) > costs (x) > do activity x. If costs (x) > benefits (x) > don"t do activity x. Measuring benefits and costs is very difficult. Study of the choices and actions of individual economic units (households, firms, consumers etc. ) Study of the behaviour of the entire economy includes issues like unemployment, inflations and changes in the level of national income. Judging economic allocations (is a policy good or not) Allocation of resources can be evaluated on the basis of: Efficiency allocative efficiency is present when society"s resources are so organized that the present value of net benefits are maximized. Distributing goods and services in a manner considered by society to be fair.

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