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York SOS ECON 1000 Study Package (Final Exam).pdf

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ECON 1000
Sandra Withworth

ECON 1000 Final ExamAIDReview Package Course Coordinator Juris George Rodin Coordinator Email jrodin11schulichyorkucaTutor Michael Moretto Tutor Yahel NovContributors Michael Moretto Yahel Nov Juris George Rodin Cynthia Jeevakumar Nihal Mahmood Students Offering Support sponsors York SOS Students Offering SupportPreface This document is directed to ECON 1000 students at York University whom are looking for an additional resource to aid them with studying for the course final exam It has been created with regard to the Fall 2008 course and is subject to change for future courses References 1 Parkin Michael and Robin Bade MacroeconomicsCanada in the Global Environment 6th ed Upper Saddle River Pearson Education Canada 2006Chapter 1What is EconomicsDefinition of EconomicsOur inability to satisfy all our wants is called scarcityThe choices that we make depend on the incentives that we face An incentive a reward that encourages or penalty that discourages an actionEconomics social science that studies the choices that individual businesses governments and entire societies make as they cope with scarcity and the incentives that influence and reconcile those choices two main parts Microeconomics and Macroeconomics MicroeconomicsMicroeconomics study of choices that individualsbusinesses make the way choices interact in markets and influence of governmentsMacroeconomicsMacroeconomics study of performance of the national economy and the global economyTwo Big Economic Questions o How do choices end up determining what how and for whom goods and services get produced o When do choices made in the pursuit of selfinterest also promote the social interest What HowFor WhomGoodsServices the objects that people value and produce to satisfy human wantsWhat determines the items that we produce Howfactors of productiono Land is the natural resourceso Labour is the work time and work efforthuman capital which is the knowledge and skill that people obtaino Capital is the tools instruments machines buildings that businesses use to produce goods and services o Entrepreneurship is the human resource that organizes labour land and capital For WhomLand earns rents Labour earns wages Capital earns interest and Entrepreneurship earns profitWhat How and For Whom Tradeoffs What TradeoffsWhat goods and services get produced depends on choices made by each one of us by our government and by the business that produce the things we buy How TradeoffsHow goods and services get produced depends on choices made by the businesses that produce the things we buyFor Whom TradeoffsBig tradeoffthe tradeoff between quality and efficiencyOpportunity CostThe highestvalued alternative that we give up to get something is the opportunity cost of the activity chosen Central idea of economics every choice involves a costChoosing at a the Margin Raising Marks Raising Money Raising Roofs wwwyorksoscom 2
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