ECON 20A Final: Final Exam Study Guide

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11 May 2017
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Econ 20a- lecture 1 - syllabus and introduction to economics. 2 practices: aplia introduction and review basic math concepts. First actual assignment is due in week 2. Pop-quiz are 5% of the grade (for lecture class) Assignment starts next week (only for practice) Only graded assignments start from week 2. Each worth around 25% of the grade. Economics- the study of how society manages its scarce resources. All decisions involve trade off (in term of time, money, etc) Ex: taking this class for econ 20a make you not taking the other econ. The cost of something is what you"re giving up for. Ex: party for an hour = lose an hour to study. Opportunity cost- value of the next best alternative. Principles #3- rational people think at the margin. Rational people- want to make the best for themselves. Think of small changes to whatever they are doing.

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