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ECO105Y1 Study Guide - Final Guide: Marginal Revenue Productivity Theory Of Wages, Price Ceiling, Marginal RevenuePremium

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Avi J.Cohen
Study Guide

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University of Toronto St. George
ECO105Y1 - Principles of Economics for Non-Specialists
Professor: Avi J. Cohen
Final Exam
Complete Exam Guide
(Attached with a Comprehensive Brief Guide)

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Topics Included:
Micro Chapter 1 What’s in Economics for You? (Scarcity, Opportunity Costs, Trade,
and Models)
Micro Chapter 2 Making Smart Choices (The Law of Demand)
Micro Chapter 3 Show Me the Money (The Law of Supply)
Micro Chapter 4 Coordinating Smart Choices (Demand and Supply)
Micro Chapter 5 Just How Badly Do You Want It? (Elasticity)
Micro Chapter 6 What Gives When Prices Don’t? (Government Policy Choices)
Micro Chapter 7 - Finding the Bottom Line (Opportunity Costs, Economic Profits and
Losses, and the Miracle of Markets)
Micro Chapter 8 Pricing Power (Monopoly to Competition and in Between)
Micro Chapter 9 Pricing for Profits (Marginal Revenue and Marginal Cost)
Micro Chapter 10 When Markets Fail (Natural Monopoly, Gaming, Competition, and
Micro Chapter 10 When Markets Fail. (Natural Monopoly, Gaming, Competition, and
Micro Chapter 11 Acid Rain on Others’ Parades. (Externalities, Carbon Taxes, Free
Riders, and Public Goods)
Micro Chapter 12 What Are You Worth? (Inputs, Incomes, and Inequality)
Macro Chapter 5 Are Your Smart Choices Smart for All? (Macroeconomics and
Macro Chapter 6 Up Around the Circular Flow. (GDP, Economic Growth, and Business
Macro Chapter 7 Costs of (Not) Working and Living. (Unemployment and Inflation)
Macro Chapter 8 Skating to Where the Puck is Going (Aggregate Supply and
Aggregate Demand)
Macro Chapter 9 Money is For Lunatics (Consumers and Suppliers of Money)
Macro Chapter 10 Trading Dollars for Dollars? (Exchange Rates and Payments with
the Rest of the World)
Macro Chapter 11 Steering Blindly? (Monetary Policy and the Bank of Canada)
Macro Chapter 12 Spending Others’ Money (Fiscal Policy, Deficits, and National Debt)

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Microeconomics Chapter 1
1.1 Are You Getting Enough? Scarcity and Choice
1. Scarcity
Arises because of limited money, time, and energy.
You can’t accomplish everything. There are trade-offs to every decision you make and things
you must give up.
2. Economics
Teaches and guides individuals, businesses, and governments to make the best possible
choice to get what they want, and how those choices interact with markets.
1.2 Give It Up for Opportunity Cost!
3. Opportunity Cost
Because of scarcity, every choice involves a trade-off.
The true cost of any choice is the opportunity cost the cost of the best alternative given up.
A smart choice means that the value of what you choose to get is greater than what is given
4. Incentives
Rewards and punishments for choices.
One is more likely to go for positive incentives (rewards) and avoid choices with negative
incentives (punishments).
1.3 Why Don’t You Cook Breakfast? Gains from Trade
5. Productions Possibility Frontier (PPF)
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