CAS EC 102 Study Guide - Midterm Guide: Opportunity Cost, Positive Statement, Human Capital

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CAS EC 102 Full Course Notes
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CAS EC 102 Full Course Notes
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Document Summary

Scarcity and individual choice: economics- study of choice under conditions of scarcity, macro- how the economy as a whole preforms, scarcity- situation in which amount of something available is insufficient to satisfy our desire for it (time, money) Prices of related goods: substitutes= goods that can be used in place of one another, complements= goods that are used together. Population and demographics- increase in population: increased demand for 2/3 apartments vs. big houses as baby boom generation retires. Expected future price- will buy a lot of something of expect prices to go up. Increase in demand curve: decrease in the demand curve, movement along the demand curve, caused by change in price all else remaining the same (change in quantity demanded) Business cycles- fluctuations in real gdp around its long-term growth trend: expansion- period of increasing real gdp, recession- period of significant decline in real gdp, severe or mild, can last several years or less than a single year.

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