EC120- Final Exam Guide - Comprehensive Notes for the exam ( 116 pages long!)
30
EC120 Full Course Notes
Verified Note
30 documents
Document Summary
Governments, companies and individuals make many decisions about safety. Highway construction and maintenance affects road safety at a price. Speedy limits trade-off travel efficiency with road fatalities/ injuries. Airport security involves costs and safety expectations. Public healthcare requires constant attention to this question. Marginal cost- what is the appropriate dimension for a decision. Stay ahead of the course: catching up is harder than staying ahead. Pay attention in class, use clicker questions to learn how to use economics to answer questions. Review content- summarize ideas in your own words. Ask questions, ask for help- in-class, office hours, ta"s. Scarcity: the limited nature of societys resources. Economics: the study of how society manage scarce resources. Society- think broadly- people, government, market systems etc. Essentially all resources are scarce (ie. limited) If a resource is scarce or limited- use involves an opportunity cost. If resources are scarce, society must make choices.
