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ECON 102 (59)
Chapter 1

CoreMicroeconomicsChapter1.docx

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Department
Economics
Course
ECON 102
Professor
Rahul Sirohi
Semester
Spring

Description
CoreMicroeconomics: Exploring Economics pgs: 1­17 • Benefit: a sense of accomplishment • Cost: Monetary and Physical risks • Economics: The study of how individuals, firms, and society make decisions to  allocate limited resources to many competing wants. • Scarcity: Our unlimited wants clash with limited resources.  • Incentives: The factors that motivate individuals and firms to make decisions in  their best interest. • Microeconomics: The decision making by individuals, businesses, industries, and  governments. • Macroeconomics: The broader issues in the economy such as inflation,  unemployment and national output of goods and services • Ceteris Paribus: Assumption used in economics where other relevant factors or  variables are held constant • Efficiency: How well resources are used and allocated. Do people get the goods  and services they want at the lowest possible resource cost? • Production efficiency: When goods are produced at the lowest possible cost • Allocative efficiency: When individuals who desire a product the most get those  goods and services • Equity: The fairness of var
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