ECON 2030 Study Guide - Midterm Guide: Penal Labour, Sunk Costs, Rationality
Document Summary
Today"s menu: monday 10 june 2013: business, practice problems (answers on moodle, chapter 1: 6-12, 16-18, 21. Substance: syllabus, overview, note on text: chapter and page numbering. 4 is most important chapter of the semester: the basics, economies and economics, definitions. Indentured servants: whom gets the goods and svcs that are produced, faculty football tickets by chance, , consequences for entire society (macro), whole nation"s economy, availability of jobs, macroeconomics, covered on final. A social process in which goods and services are exchanged for money (no matter the form that money may take); an activity (not a place or thing) Benefits: what i get, monetary or pleasure, excitement, sense of worth. Costs: what i give up, economic reasoning, opportunity cost and scarcity. The best alternative that we are giving up. #3: benefit is # of fish, cost only involves what you give up, answer is 4 fish b/c he can only be in one place or the other.
