ECON 101- Final Exam Guide - Comprehensive Notes for the exam ( 77 pages long!)

70 views77 pages
30 Nov 2017
School
Department
Course
Professor
SDSU
ECON 101
FINAL EXAM
STUDY GUIDE
Unlock document

This preview shows pages 1-3 of the document.
Unlock all 77 pages and 3 million more documents.

Already have an account? Log in
Unlock document

This preview shows pages 1-3 of the document.
Unlock all 77 pages and 3 million more documents.

Already have an account? Log in
Scarcity(and(Choice
Scarcity(and(choice(are(the(two( essential(ingredients(of(an(economic(topic
Goods(are(scarce(because(desire(for(them(far(outstrips(their(availability(from(
nature
Scarcity(forces(us( to(choose( among(available(alternatives
Scarce(Goods((((((((((((((((((((((((Limited(Resources((((
Food(((((((((((((((((((((((((((
Land
Clothing(((((((((((((((((((((((((
Natural(Resources
Household( goods((((((((((((((((((((((
Education((((((((((((((((((((((((((((
Human(Resources
And( more((((((((((((((((((((((((((((
And( more
History(is(a(record(of(our(struggle(to(transform(available,(but(limited,(
resources(into(scarce(goodsthings( we(would( like(to( have.((
Scarcity(and(poverty( are(not(the( same(thing
The(absence(of(poverty implies(some(basic(level(of(need(has(been(met
o
An(absence(of(scarcity would(imply(that(all(of(our(desires(for(goods( are(
fully(satisfied(
o
We(may(someday(eliminate(poverty,(but(scarcity(will(always(be(with(us.
Scarcity(Necessitates(Rationing
Every(society(must(have(a(means(to(ration(scarce(resources(among(competing(
uses
Resources(and(goods(can(be(rationed(in(various(ways
In(a(market(setting,(price(is(used(to(ration(goods(and(resources
o
When(price(is(used,(the(good(or(resource(is(allocated(to(those(willing(to(
o
Econ%8/30
Wednesday,( September( 13,(2017
12:30(PM
find more resources at oneclass.com
find more resources at oneclass.com
Unlock document

This preview shows pages 1-3 of the document.
Unlock all 77 pages and 3 million more documents.

Already have an account? Log in
G+-)(4$%"-(%/(7/-*B(&+-(1,,*(,$($-/,7$"-(%/(#00,"#&-*(&,(&+,/-(.%00%)1(&,(
1%8-(74(I,&+-$(&+%)1/J(%)(,$*-$(&,(,6&#%)(,.)-$/+%4($%1+&/
o
G+-)(4$%"-(%/(7/-*(&,($#&%,)(1,,*/B(4-,40-(+#8-(#(/&$,)1(%)"-)&%8-(&,(
-#$)(%)",3-(/,(&+-'(.%00(6-(#60-(&,(4#'(&+-($-K7%$-*(4$%"-(
o
Competition(Results(from(Scarcity
Competition %/(#()#&7$#0(,7&1$,.&+(,2(&+-()--*(&,($#&%,)(/"#$"-(1,,*/
<+#)1%)1(&+-($#&%,)%)1(3-&+,*(7/-*(6'(/,"%-&'(.%00("+#)1-(&+-(2,$3(,2(
",34-&%&%,)B(67&(%&(.%00(),&(-0%3%)#&-(",34-&%&%8-(&#"&%"/
Guideposts(to(Economic(Thinking(
?+-(7/-(,2(/"#$"-($-/,7$"-/(&,(4$,*7"-(#(1,,*(,$(/-$8%"-(%/(#0.#'/(",/&0'F
!,3-,)-( 37/&(1%8-(74(/,3-&+%)1(%2(.-(#$-(&,( +#8-(3,$-(,2(#(/"#$"-(
1,,*
o
?+-(+%1+-/&(8#07-*(#0&-$)#&%8-(&+#&(37/&(6-(/#"$%2%"-*(%/(&+-(,44,$&7)%&'(
",/&(,2(&+-("+,%"-
o
LF
H)*%8%*7#0/("+,,/-(47$4,/-2700'M(&+-$-2,$-B(&+-'(.%00(-",),3%N-
EconomizingO(1#%)%)1(#(/4-"%2%"(6-)-2%&(#&(&+-(0-#/&(4,//%60-( ",/&
o
PF
Incentives 3#&&-$
A/(4-$/,)#0(6-)-2%&/(Q",/&/R(2$,3("+,,/%)1(#)(,4&%,)(%)"$-#/-B(,&+-$(
&+%)1/(",)/&#)&B(#(4-$/,)(.%00(6-(3,$-(Q0-//R(0%E-0'(&,("+,,/-(&+#&(,4&%,)
o
SF
@",),3%"($-#/,)%)1(2,"7/-/(,)(&+-(%34#"&(,2(marginal(costs #)*(marginal(
benefits Q7&%0%&'R
TF
!%)"-(%)2,$3#&%,)(%/(/"#$"-B(uncertainty %/(#(2#"&(,2(0%2-
UF
H)(#**%&%,)(&,(&+-%$(%)%&%#0(%34#"&B(-",),3%"(-8-)&/(,2&-)(1-)-$#&-(secondary(
effects &+#&( 3#'(6-(2-0&(,)0'(.%&+(&+-( 4#//#1-(,2(&%3-
VF
?+-(8#07-(,2(#(1,,*(%/(subjective #)*(8#$%-/(.%&+(%)*%8%*7#0(4$-2-$-)"-/
WF
?+-(test(of(an(economic(theory %/(%&/(#6%0%&'(&,(4$-*%"&(#)*(-X40#%)(-8-)&/(%)(
&+-($-#0(.,$0*F((
YF
find more resources at oneclass.com
find more resources at oneclass.com
Unlock document

This preview shows pages 1-3 of the document.
Unlock all 77 pages and 3 million more documents.

Already have an account? Log in

Get access

Grade+
$10 USD/m
Billed $120 USD annually
Homework Help
Class Notes
Textbook Notes
40 Verified Answers
Study Guides
1 Booster Class