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Final

ECON 1010 Study Guide - Final Guide: Market Basket, Ceteris Paribus, Unemployment


Department
Economics
Course Code
ECON 1010
Professor
Steven Edwards
Study Guide
Final

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Notes by: ANU J
Professor: Steve Edwards Course: Introduction to Macroeconomics (ECON 1010)
Introduction to Macroeconomics (ECON 1010)
Professor: Steve Edwards
Textbook: “Economics: Canada in the Global Environment” Parkin/Bade 8th ed.
Cheat Sheet (don’t actually cheat on the exam!)
INCLUDES CHAPTERS: 1, 2, 3, 20, 21, 22, 25, 26, 27 (sorry I got lazy)
This is a study sheet I made containing key concepts and formulas that I needed to
remember. Your study sheet may be different from this. Use this as a guide only. Good
luck on the exam!
Introduction
- Defining economics:
o Choices
o Scarcity
o Incentives
- Factors of production and their costs
o Labour = wages
o Land = rent
o Capital = interest
o Entrepreneurship = profit
- Economic growth occurs through:
o Technological advancement
o Capital accumulation
- Economic institutions that evolved to facilitate trade:
o Firms
o Markets
o Property rights
o Money
- Circular closed flow model of economics contains:
o Firms
o Households
o Factor markets
o Goods markets
- Ceteris paribus = all other things (variables, factors) remain constant
- Law of demand = the quantity demanded of a good is inversely related to the
price of the good, ceteris paribus
- Influence on demand caused by:

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Notes by: ANU J
Professor: Steve Edwards Course: Introduction to Macroeconomics (ECON 1010)
o Prices of related goods
Substitutes
Complements
o Expected future prices of:
The good itself
Related goods
o Income
Normal goods
Inferior goods
o Expected future income and credit
o Preferences/tastes
o Population
- Law of supply = the quantity supplied of a good and the price for that good are
directly related
- Influence on supply caused by:
o Price of factors of production
Land
Labour
Capital
Entrepreneurship
o Price of related goods produced
Substitutes
Complements
o Expected future price of:
The good itself
Related goods
o Number of suppliers
o Technology
o State of nature
GDP
- Defining GDP:
o Market value
o Final goods and services
o Produced in a country
o Given time period
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