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[ECON-UA 2] - Midterm Exam Guide - Everything you need to know! (18 pages long)

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Andrew Paizis

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[ECON-UA 2] Comprehensive Midterm exam guide including any lecture notes, textbook notes and exam guides.find more resources at Scarcity and Individual Choice Economics: ● The study of choice under conditions of scarcity ● The science of what to produce, how to produce, for whom to produce Scarcity: ● When amount of something available is not sufficient to satisfy desire ● Of spending power and time ● Implies choice 1. The consumers decide what to produce 2. How to Produce? Ex. we get oil from fracking Opportunity Cost: ● What is given up when taking an action or making a choice ● What we must forego when we make that choice ● Ex. the opportunity cost of coming to NYU: the explicit cost ($71k a year) plus implicit cost (getting a job and earning $30k a year, or investing the $71k) ● Only the next best choice is used to determine OC ● Ex. Studying for chem and econ exam and spending 3 hours studying for chem and only half an hour on econ, got a 100 on chem but a 20 on econ; the OC of getting a 100 on chem is the 20 on econ ● Explicit costs: costs coming out of pocket (tuition, fees, books, supplies) ● Implicit costs: forgone income when no direct payment is made Is college the right choice? - Costs: may be lower (scholarship), i could hate college - Benefits: financial (higher wages), i could enjoy college, will last for a lifetime (40-50 years afterwards) A person with a college degree made a little less than 50% more than a person without in 1963; in 2008, a person with made almost 100% more than those without (wage premium) Society: Goals: ● High standard of living ● Clean air ● Safe streets ● Good schools - The problem: scarcity of resources Resources: ● Things we use to make goods and services to help us achieve our goals ● Labor: Time people spend producing goods and services find more resources at
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