ECO100Y5- Final Exam Guide - Comprehensive Notes for the exam ( 78 pages long!)
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ECO100Y5 Full Course Notes
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Jack is looking at anne, but anne is looking at george. The answer is a, weather anne is married or not, there is always a married person looking at an unmarried person. Questions will be trying to use logic to understand the restrictions or possibilities given to you in a scenario. Drop the lowest mark and replace it with the highest. Economics is the study of the use of scarce resources to satisfy unlimited human wants. Are what we use to produce: land, labor, capital. Market allocation problems (what is produced, consumed, who produces and consumes etc). Non-market allocation problems (how governments allocated resources, how families allocated resources) are widely addressed in econ but not in this course. We have assumed that relative to our desires, existing resources are scarce. Scarcity implies the need for choice and each choice has a cost. The value of the next best alternative that is forgone when one alternative is chosen.
