ECON 1201 Study Guide - Fall 2018, Comprehensive Midterm Notes - Economic Equilibrium, Price Ceiling, Price Elasticity Of Demand
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ECON 1201 Full Course Notes
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Homework questions are not mandatory, they are just to help. Quizzes are due monday at midnight for the info for the previous week (if a quiz is missed do. Midterm: oct 18th, 50 minutes for 50 questions, early = more time. Chapter 1; the first principles and 12 basic principles. Fairness is opinionated and everyone has an opinion on what"s fair. Individuals are maximizers and want the most out of things. Next five principles - govern how individual choices interact. Trade off - comparison of the costs and the benefits of doing something: people usually respond to incentives, exploiting opportunities to make themselves better off, there are gains from trade. Trade allows us all to consume more than we otherwise could: markets move toward equilibrium. Equilibrium - economic situation in which no one would be better off doing something different.
