Economics 41-110- Final Exam Guide - Comprehensive Notes for the exam ( 141 pages long!)

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Ireland, italy, spain) that bondholders were not buying new government bonds: interests rates went up, globalization, canada relies heavily on trade, increase in competition, growing income inequality, top 1% Many of the challenges we face in canada and around the world are primarily economic. 1. 1 what is economics: economics is the study of the use of scarce resources to satisfy unlimited human wants. Scarcity and choice: existing resources are scare relative to our desires, there are enough resources to produce only a fraction of the goods and services that we want. 2: scarcity implies that choices must be made, and making choices implies the existence of costs. Production possibilities boundary: a production possibilities boundary is a curve showing which alternative combinations of output can be attained if all available. 3 resources are used efficiently; it is the boundary between attainable and unattainable output combinations: it illustrates three concepts: scarcity, choice and opportunity cost.

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