ECON 10010- Final Exam Guide - Comprehensive Notes for the exam ( 82 pages long!)
Document Summary
Econ 10110 08 the study of the allocation of scarce resources among competing ends. Scarcity has substitutes for the most part even time! For example, a substitute for cooking is eating out. You eat out because your time is too scarce to cook. Individuals and how they react; decisions of individual units. What people and rms should door the way the world should be. A statement about how and what people and rms do things or the way the world works. In class, we played a mini game of fantasy football. We got into groups of 3 and chose from a list of players to have on our teams. The competing ends were the other people in our groups. For example, if i were to make a model of international trade, i would start with 2 countries, and then expand. Factors of production: land, labor, and capital (money, buildings, machines, things that make other stuff)