MGEA02H3 Study Guide - Quiz Guide: Great Year, Opportunity Cost, Utility

• School: UTSC
• Department: Economics for Management Studies
• Course: MGEA02H3
• Professor: Jack Parkinson

Document Summary

This document is meant to provide a very brief overview of what we should have learned in our first two classes. Note: that means this document is not meant to be a replacement or substitute for the lectures, readings & tutorials, but rather is meant to act as a compliment those parts of the course. List of some key learning objectives: definition of economics, opportunity cost, production possibilities model (& the ppf, calculating opportunity cost on ppf, ppf with increasing (opportunity) costs, maximizing a value (or utility) function along ppf. Economics is the study of the allocation of scarce resources to among competing uses. In mgea02 we will study how decisions are made by rational (utility maximizing) individuals and (profit maximizing) firms, through markets, to allocate society"s economic resources to alternative possible uses. By resources we mean the scarce or limited amounts of land, labour and physical or productive capital that society has at its" disposal.