ECON 102- Midterm Exam Guide - Comprehensive Notes for the exam ( 19 pages long!)
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ECON 102 Full Course Notes
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Econ 102 - 015 - first day of class. Office hours: mwf 3:00 - 4:00, 401 kern grad building. Economics today: the micro view (19th edition) by roger leroy miller. Exams 1 and 2 are not cumulative. Economics - the study of how people allocate their limited resources in an attempt to satisfy their unlimited wants. As such, economics is the study of how people make choices. How people spend their time, money, etc. Resources - things that have value and are used to produce goods and services. Physical capital - machines and equipment used to produce goods and services. Human capital - knowledge and skills used to produce goods and services. Note that money is not capital, you cannot produce goods and services with the physical entity that is money. Wants - items people would purchase if they had unlimited income. Scarcity - inability to satisfy all human wants and desires.
