[ECO 111] - Final Exam Guide - Comprehensive Notes for the exam (26 pages long!)

• School: Elon University
• Department: Economics
• Course: ECO 111
• Professor: Steve De Loach

Document Summary

Microeconomics - the part of economics in which individual decisions and effects are analyzed. Macroeconomics - the part of economics in which large-scale factors economic factors are analyzed. Marginal costs and bene ts (one more extra unit) The cost or bene t a person receives from an additional unit. Cumulative cost or bene t decided by the number of total units. Opportunity cost - the value of the next forgone opportunity. What you gave up to do something else. > people are more likely to do what you want them to do if their costs are lower or their bene t is higher than normal. Example: government levies additional taxes on more environmentally harmful vehicles. Impact: citizens are less likely to purchase the vehicle due to increased costs. Gdp (gross domestic product) - value of all goods and services produced in a country within a period (annually, quarterly) Lots of income inequality, worse than any other developed country.