ECON 1000- Midterm Exam Guide - Comprehensive Notes for the exam ( 25 pages long!)

• School: York University
• Department: Economics
• Course: ECON 1000
• Professor: Gordana Colby

Document Summary

Online quizzes tests test policies and makeup the material. Buy the bundle that includes both microeconomics and macroeconomics + the myeconlab. Do quiz 0 and get a 100% to unlock the other quizzes (asap) Scarcity: unlimited wants but limited resources. (cid:894)(cid:449)a(cid:374)ts that (cid:272)a(cid:374)"t (cid:271)e fulfilled(cid:895) Time is a scarce resource so no matter how much money you have, time is limited. When individuals make decisions, they make decisions that are best for the(cid:373)sel(cid:448)es. If you have two options and chose one then next week you had to choose again a(cid:374)d (cid:374)othi(cid:374)g i(cid:374) the e(cid:374)(cid:448)iro(cid:374)(cid:373)e(cid:374)t (cid:272)ha(cid:374)ges arou(cid:374)d (cid:455)ou, (cid:455)ou"d still pi(cid:272)k the sa(cid:373)e option. Whe(cid:374) (cid:455)ou"re looki(cid:374)g at spe(cid:374)di(cid:374)g (cid:373)ore o(cid:374) so(cid:373)ethi(cid:374)g, (cid:455)ou look at the (cid:271)e(cid:374)efits you get for that extra amount and then we look at the marginal cost. As economists, opportunity cost is what you look at mostly and it is the next best thi(cid:374)g that (cid:272)ould"(cid:448)e (cid:271)een done or spent on.