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Midterm Review Review for midterm up til midterm

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ECON 1900
Avi Cohen

ECON1900 Midterm Review Chapter 16 Chapter 1 Economics is make the best possible choice to get what they want Scarcity is the inability to satisfy all of our wantsIncentives is reward and penalties for choices Absolute advantage is ability to produce a productservice at a lower absolute cost than another producer Comparative advantage is ability to produce a productservice at a lower opportunity cost than another producer Opportunity cost is the cost of choose one over another the true cost of any choice made Microeconomics analyzes the choices made by individuals in households businesses and governments Macroeconomics analyzes the performance of the whole Canadian and global economy 3 Key to smart choices 1 Choose only when additional benefits are greater than additional opportunity cost a 1million contract is additional benefit trip to Hawaii is additional opportunity cost 2 Count only additional benefits and additional opportunity costs 3 Be sure to count all additional benefits and costs including implicit cost and externalities Marginal means additionalImplicit costs is opportunity costs of investing your own money or time Negative externalities is cost that affect others who are external to a choice or tradeDamage to environment when you purchase gasoline to power your car Positive externalities is benefit that affect others who are external to a choice or tradePlant a beautiful garden in your lawn your neighbor also benefit from it
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