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Textbook Notes for Economics at Cornell University


CORNELLECON 1120Jennifer WissinkFall

ECON 1120 Chapter Notes - Chapter 1: Opportunity Cost, Marginalism

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Opportunity cost - the cost associated with not taking the best alternative (eg. the opportunity cost of seeing a movie is the time and money that coul
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CORNELLECON 1120Jennifer WissinkFall

ECON 1120 Chapter Notes - Chapter 3: Bacon, Demand Curve, Ceteris Paribus

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Firm - an organization that transforms resources (inputs) into products (outputs). Firms are the primary producers in an economy. Entrepreneur - someon
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CORNELLECON 1120Jennifer WissinkFall

ECON 1120 Chapter Notes - Chapter 4: Price Floor, Economic Surplus

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Price rationing - the process by which the market system allocates goods and services to consumers when quantity demanded exceeds quantity supplied. Wh
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CORNELLECON 1120Jennifer WissinkFall

ECON 1120 Chapter Notes - Chapter 2: Alcohol By Volume, Absolute Advantage, Comparative Advantage

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Capital - things that are made and then used in the making of other things. Factors of production (abv. factors) - the base resources of society, eg. l
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CORNELLECON 1120Jennifer WissinkFall

ECON 1120 Chapter 6: Chapter 6 Outline

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Gross domestic product (gdp) - the total market value of all final goods and services produced within a given period by factors of production located w
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CORNELLECON 1110Jennifer WissinkSummer

ECON 1110 Chapter Notes - Chapter 6: Jazz Club, Capital Market, Normal Good

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Income available to the household: price of the product, household"s a(cid:373)ou(cid:374)t of a(cid:272)(cid:272)u(cid:373)ulated (cid:449)ealth, pric
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CORNELLECON 3140Francesca MollinariSpring

ECON 3140 Chapter 8: Econ 3140 Chapter 08

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CORNELLECON 3140Francesca MollinariSpring

ECON 3140 Chapter 9: Econ 3140 Chapter 09

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CORNELLECON 3030Tapan MitraFall

ECON 3030 Chapter Notes - Chapter 4-5: Quasilinear Utility, Cardinal Utility, Ordinal Utility

A utility function is a way of assigning a number to every possible consumption bundle such that more preferred bundles get assigned higher numbers tha
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CORNELLECON 3030Tapan MitraFall

ECON 3030 Chapter Notes - Chapter 22-23: Root Mean Square, European Cooperation In Science And Technology, Economic Rent

Econ 3030 - chapter 22 - firm supply. Firms face three di erent constraints when deciding on how much output to produce and what price they can charge:
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CORNELLECON 3140Francesca MollinariSpring

ECON 3140 Chapter 2: Econ 3140 Chapter 02

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CORNELLECON 3030Tapan MitraFall

ECON 3030 Chapter Notes - Chapter 14-15: Reservation Price, Luxury Goods, Normal Good

Compensating variation - how much income is needed to restore the consumer back to their original indi erent curve after a certain price change. Econ 3
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