ECON 2010 Study Guide - Comprehensive Midterm Guide: Marginal Cost, Mira-Bhayandar Municipal Corporation, Perfect Competition
6 Feb 2017
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ECON 2010 Full Course Notes
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The study of scarcity, how people use resources or decision-making. A science that studies human behavior as a relationship between ends and scarce means that have alternative uses. Describes decision-making in terms of measurable tradeoffs. Scarcity the idea that goods have value and are not infinite. Goods anything people value: money, food, healthcare, sleep, sunshine, haircuts, etc. Markets any structure where buyers and sellers meet to trade goods. Efficiency how much good stuff there is compared to what there could be. Equality how the good stuff is distributed among people. Economics at the level of individual people, households, firms or markets. Al(cid:373)ost e(cid:448)erythi(cid:374)g (cid:449)e"ll (cid:272)o(cid:448)er i(cid:374) this (cid:272)lass is a (cid:373)odel: a theoretical construct representing economic processes by a set of variables and a set of logical relationships between them. Income vs leisure: money vs goods, goods vs other goods, abs vs ice cream. Society: safety vs privacy, environmental quality vs production, efficiency vs equality.
