[ECON 102] - Midterm Exam Guide - Comprehensive Notes for the exam (10 pages long!)
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ECON 102 Full Course Notes
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Consumer: econ is good when job and ability to spend is kept balanced. Businesses: econ is good when profit is high. Government: highest concentration = welfare e(cid:272)o(cid:374) that"s produ(cid:272)i(cid:374)g (cid:373)ore to pro(cid:448)ide for pu(cid:271)li(cid:272) goods. Economics is what lets people decide what to do to keep themselves happy (whichever ^branch it involves). These choices are made because of resource scarcity. Scarcity: inability to satisfy every need and desire an individual or group has. These are the things of value that are used to produce things. Wants and desires are al(cid:449)a(cid:455)s e(cid:454)pa(cid:374)di(cid:374)g a(cid:374)d i(cid:374)(cid:272)rease o(cid:448)er ti(cid:373)e. the(cid:455)"re differe(cid:374)t fro(cid:373) (cid:374)eeds (cid:271)e(cid:272)ause the(cid:455)"re harder to a(cid:272)hie(cid:448)e. he(cid:374)(cid:272)e (cid:449)h(cid:455) e(cid:448)e(cid:374) the ri(cid:272)hest keep (cid:449)orki(cid:374)g harder because we always want more. Factors of production: land: earth, minerals, water, natural forests etc, labor: the people that provide the physical and mental effort towards it, capital: Human: stock of knowledge/skill obtained through education/training.
