ECON 2030 : ECON 2030 Exam One Review

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15 Mar 2019
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Microeconomics: the study of individual choice and how economic forces influence that choice: answers the what, how, and for whom. Macroeconomics: the study of the economy as a whole: big picture; all of the goods and services in a society, looks at the consequences. Market: the place in which a transaction occurs: a social process in which goods or services are exchanged for money between a buyer and a seller, may be a physical place, but does not have to be (amazon) There"s always a benefit, but it comes at a cost. We give up less = lower opportunity cost. If trade can make everyone better off, why is there so much opposition to it: trade is beneficial overall, but there are many personal, how can trade benefit all? losses. Personal losses = personal opposition: assumptions, two countries: england and portugal, two homogenous goods: wine and cloth, homogenous = exactly the same.

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