[ECO 201] - Final Exam Guide - Comprehensive Notes for the exam (24 pages long!)
29 Nov 2016
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Microeconomics: individuals"/businesses" choices, the way these choices interact in markets influence governments. Macroeconomics: studies performance of the national economy. What: varies by country and time (date, season, etc. ) Land: nature used to produce goods, etc. Labor: work, time, and effort quality dependant on human capital (knowledge and skill people obtain from job training, education, and experience) Self-interest: making the choice that is the best one available for you. Social-interest: an outcome of a choice that is best for society as a whole makes everyone better-off. Efficiency: a situation that cannot be improved upon impossible to make someone better-off without making someone else worse- off. Social interest is harder to determine because of globalization, information-age monopolies, climate change, and financial instability. Globalization: worker exploitation argument that it"s only in the self-interest of the consumers and large firms. Information-age monopolies: not in the social interest because prices are able to be too high.
