ECON 101- Final Exam Guide - Comprehensive Notes for the exam ( 47 pages long!)

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ECON101 Full Course Notes
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ECON101 Full Course Notes
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Chapter 1: what is economics: scarcity: limited resources. Producing on the ppf is more efficient than inside the ppf. 5 million pizzas produced: b: if we decrease the production to 3 mil, put those resources into producing 6 million pizza ovens, after a period, the ppf shifts outward. Now we can produce outside the original ppf: ppf1: shows the benefits of economic growth as more consumption in the future, factors of production: Labour the work time and effort of the people who produce goods and services. Entrepreneurship the organization of land, labour, and capital. Households: own the factors of production, are sellers in factor markets, are buyers in goods markets. Firms: use factors of production to produce goods and services, are buyers in factor markets, are sellers in goods markets. Households: pay for goods and services which represents revenue for firms.

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