[MGEA01H3] - Midterm Exam Guide - Ultimate 33 pages long Study Guide!

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MGEA01H3 Full Course Notes
MGEA01H3 Full Course Notes
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Economy: a system for coordinating society"s productive activities. Economics: the social science that studies the production, distribution and consumption of goods and services. Market economy: an economy in which decisions about production and consumption are made by individual producers and consumers. The invisible hand: the way in which the individual pursuit of self-interest can lead to good results for society as a whole. Microeconomics: the branch of economics that studies how people make decisions and how these decisions interact. Market failure: occurs when the individual pursuit of self-interest leads to bad results for society as a whole. Macroeconomics: the branch of economics that is concerned with overall ups and downs in the economy. Economic growth: the growing ability of the economy to produce goods and services. Thus the study of economics is how we can make use of the limited resources we have to satisfy the unlimited wants of humans.

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