[ECON 1001] - Final Exam Guide - Ultimate 36 pages long Study Guide!

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Economics: about people and the choices they make in a world of scarce resources. Microeconomics- the study of the economy at the small-scale level, examining individuals and specific markets. Macroeconomics- the study of the economy at the large-scale level, examining total output, the price level, and the other aggregate measures in the economy. Resources: any item, whether a gift of nature, the result of production, or the result of human effort, that is used to produce goods and services. Scarcity: a condition that results from the inability of limited resources to satisfy unlimited wants. Opportunity costs: the value of the next-best forgone alternative; the value of the opportunity that you gave up when you chose on activity, or opportunity, instead of another. For clara, the cost of producing an apple is only 1 orange as compared to. Thus, clara is the lowest opportunity cost producer of apples. Assumptions for decision making: self interest, marginal decision making, optimization.

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