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Final

ECO100Y1 Final: Complete and Comprehensive 76 Page Final Exam Study Guide - Fall 2015Premium

76 pages117 viewsFall 2015

Department
Economics
Course Code
ECO100Y1
Professor
zzzzzzzzz
Study Guide
Final

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ECO100 – Introduction to
Economics
Final Exam Study Guide
University of Toronto St. George – Fall 2015
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ECO100Y1 – Lecture #1 – Welcome!
Goal of course:
-To teach you to think like an economist, have a better understanding of how economists
look at problems. An introduction to economics to give you a background in higher level
economics courses.
Organization of the course:
-Monday, Wednesday 1:10pm lectures, some Fridays (check syllabus section 7 – no class
this Friday)
-Tutorials: pick from Wednesday 4-5pm, 5-6pm, Thursday 12-2pm, 4-5pm, 5-6pm
-Microeconomics (first term and first few weeks of second term) Text: Principles of
Microeconomics (6th edition by Mankiw, Kneebone and McKenzie), “M” for short
-Macroeconomics (rest of second term) Text: Macroeconomics (14th edition by Ragan) “R”
for short
Resources:
-Lecture notes: posted in advance, read slides and chapters before class
-Tutorials: you will receive an email today by the head TA about tutorial times, answer as
soon as possible, first come first serve. Answer before Friday, otherwise will have tutorial
randomly selected. We will know the time and location of our tutorial and TA by Monday.
-Tutorial exercises (with solutions) posted prior to tutorial – try to solve on your own before
class
-Blackboard: past tests and mid-terms will be posted. Announcements and important stuff
will also be found there.
-Additional resource: Mind Tap (for Microeconomics) and My Econ Lab. Not necessary, but
has study resources and videos. Can buy in U of T bookstore for special price.
-Office hours: Wednesday 4-5pm (walk in open hours) 5-6pm (appointment only)
-Economics Study Centre – location, hours in syllabus or search up
-Piazza – http://piazza.com/utoronto.ca (forum for our lecture section L0301, monitored by
TAs. But come to office hours, it’s better for explaining questions in person.)
-Emails might not be answered, don’t send emails about course material, come to office
hours instead.
Relevant dates:
-Friday November 6 12:30-2:30 – mid-term test (Test 1)
-December 11-22 TBC – end of term test (Test 2)
-Friday February 26 1:00-3:00 – mid term test (Test 3)
-April 12-29 TBC – final exam
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Grading Scheme:
-Warm-up Exercise – 45-90 min depending on how fast you do it, 2%. Nothing about course
material, about your goals and personality traits. Do it the first week.
http://warmup.utoronto.ca will get confirmation of completion when done
-Tests 1, 2 &3 – 1h, 14% of grade, written by our prof, only on material covered in that
section
-Final Exam – 3h 50%. (on whole year) Common part (same across all ECO100 sections, all
multiple choice) and second part written by our prof (MC and short answer)
-In-Tutorial exercises – 6%. GO TO YOUR TUTORIALS Short in-tutorial exercise, just
answer the question. Marks for completion not right or wrong. 6% = 6 fall tutorials + 6 winter
tutorials, 0.5% for each tutorial exercise.
Course Outline:
-See syllabus
-Microeconomics: Topics 1-14, Macroeconomics: Topics 15-21
-Ex. Today: Topic 1: Intro to Economics (M Chapter 1 &2) -> M = text by Mankiw
-One topic may span more than one lecture
Note:
-Chapter 1 and 2 are important as they help conceptualize what we will be learning. They
help us understand why we’re studying the topics included in the textbook.
-We were supposed to start chapters 1 and 2 today but we didn’t get to it. It will be taught
next class. Look at the slides (posted on Blackboard) and read/skim the two chapters
before next class.
ECO100Y1 – Lecture 2 - Intro to Microeconomics & Appendix: Graphing
Economics:
-The study of how society manages its scarce resources (scarcity – the limited nature of
society’s resources, we need to learn how to manage them)
-Ex. How people decide what to pay, how much to work/save/spend. How firms decide
how much to produce, how many workers to hire. How society decides how to divide its
resources between national defense, consumer goods, protecting the environment.
-Microeconomics = level of households and firms. How they make decisions and interact
in markets.
-Macroeconomics = level of society in general. A study of economy-wide phenomena (ex.
Economic growth, inflation, GDP, unemployment, etc.)
-Microeconomics and macroeconomics are closely intertwined.
Principles of how people make decisions:
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