ECO1102- Final Exam Guide - Comprehensive Notes for the exam ( 23 pages long!)

• School: University of Ottawa
• Department: Economics
• Course: ECO 1102
• Professor: Octavian Strimbu

Document Summary

Greek word word for one who manages a household . the management of society"s. Economy: resources (ex: people, land, buildings, machinery) is important because resources are scarce. It is the study of how society manages its scarce resources. The study of how society manages its scarce resources. The property of society getting the maximum benefits from its scarce. Small incremental adjustments to a plan of action. achieve their objectives. The ability of an individual to own and exercise the control over scarce. Principle #6: markets are usually a good way to organize economic activity. Principle #7: gouvernements can sometimes improve market outcomes. The ability of an individual to own and exercise control over scarce resources. Two broad reasons for the government to intervene in the economy; 1) the goal of efficiency . Market failure: a situation in which a market left on its own fails to allocate.