Textbook Notes for Economics at University of Toronto St. George (UTSG)

Society"s resources must be managed because resources are scarce: the limited nature of resources is referred to as scarcity. The study of how society

Education typically increases the workers" wages from a human-capital view because it increases productivity; alternatively, education could also signa

Supply and demand for loanable funds and for foreign-currency exchange. S = i + nco: s = saving, i = domestic investment, nco = net capital outflow. A

Depreciation : the loss in value of something overtime. Obvious costs : costs a business pays directly. Accounting profits : revenues minus obvious cos