[ECON 201] - Final Exam Guide - Ultimate 36 pages long Study Guide!
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What are the principles of how the economy as a whole. Economics: how do people make decisions facing scarce resources. How people decide what to buy and how much to spend. Going to a party the night before midterm leaves less time for studying. Efficiency: when society gets the most from its scarce resources. Equality: when prosperity is distributed uniformly among society"s members. Tradeoff: to achieve greater equality could redistribute income from wealthy to poor. The cost of something is what you give up to get it. Making decisions recquires comparing costs and benefits of alternative choices. All what cost does it take to say/do something. Going to college for a year is not just tuition, books and fees. E. g seeing a movie: not just the movie but you spent time. Free things time and effort for free things. Systematically and purposefully do the best they caan to achieve thier objectives. Everyone has their own objectives assuming they have many.
