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ECON1010 Final Exam Notes

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ECON 1010
Steven Edwards

MacroeconomicsECON 1010 Edwards Review of chapters for the exam Chapter 1Define economics o Economics is the social science that studies the choices that individuals business governments and entire societies make as they cope with scarcity and the incentives that influence and reconcile those choicesDistinguish between microeconomics and macroeconomicsExplain the two big questions of economics o How do choices end up determining what how and for whom goodsservices are producedWhatHowFactor services in creating goodsservices o Labour o Land o Capital o EntrepreneurshipIncludes risk defining characteristicFor whom o When do choices made in the pursuit of selfinterest also promote social interestGlobalizationExplain the key ideas that define the economic way of thinking o Tradeoffs o Rational choice o Opportunity costs o Marginality incremental changes benefits and costs o Positive and normative statementsExplain how economists go about their work as social scientists and policy advisers Professor Steve Edwards Course Introduction to Macroeconomics ECON 1010 Notes by ANU J Chapter 2Define the PPF and use it to calculate opportunity cost o Zones on the curveInside the curveinefficient allocation of current resourcesOutside the curveunattainable with current resourcesOn the curvemaximum efficiency with current resources o Things to do on a PPFFind marginal costFind marginal benefitFind opportunity costWhat is the tradeoffEvaluate allocative efficiencyEquilibrium between MC and MB o Economic growthReflected through expansion of PPFTwo key factors influence itTechnological changedevelopment of new goods and better way of producing goodsservices specialization example smoothies and saladCapital accumulationgrowth of capital resources including human capitalEconomic coordinationTo reap the gains of trade four complimentary social institutions have evolved o FirmsUsually after corporate profitsAlso other types of firms ie NGOs charities etcWe refer to the firm as a profitseeking corporation for the sake of macroeconomics o MarketsFree market system in CanadaCapitalistdominatedProfit motive of capitalists and their consumers drive the market Professor Steve Edwards Course Introduction to Macroeconomics ECON 1010 o Property rightsThis is mine that is yours o MoneyMedium of exchange that allows for this market exchange of goodsservices to happenCircular closed flow model of economics o Two key playersFirms producerFactor marketHouseholds consumerGoods market o UnderstandFlow of modelNo injections no withdrawalsHow to draw it Distinguish between production possibilities and preferences Define efficiency o Two kinds productive and allocative
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