Textbook Notes (368,255)
Canada (161,743)
Economics (479)
ECO105Y1 (83)
Paul Cohen (14)
Chapter 1

Chapter 1 Review Questions.docx

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Department
Economics
Course
ECO105Y1
Professor
Paul Cohen
Semester
Fall

Description
Chapter 1 Whats in Economics for you Scarcity Opportunity Cost and Trade 11 Explain Scarcity and describe why you must make smart choices among your wants12 Define and describe Opportunity Cost 13 Describe how comparative advantage specialization and trade make us all better off 14 Explain How markets connect us all using the circular flow of economic life15 Illustrate and explain the three keys to smart choices 11 Scarcity and choice 1Define scarcity2 What does the definition of economics have to do with scarcity3 Social activist argue that materialism is on of the biggest problems with society if we all wanted less Instead of always wanting more there would be plenty to go around for everyone What do you think of this argument12 Give it up for Opportunity Cost 1What is the opportunity cost of any decision 2What is the biggest difference between the money cost of attending college and the opportunity cost 3This weekend
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