ECON 201 Lecture Notes - Lecture 1: Scantron Corporation, Opportunity Cost
10 Jan 2018
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Manikew principles of microeconomics, 7th edition (newest possible) 2 assignments - 20% - feb 27, apr 3 - 20 multiple choice questions (take home, submit scantron. 1 midterm - 60 multiple choice (mar 8) 30% Economics - the study of how society manages to scarce resources a. b. c. d. e. f. Scarcity - in relation to wants, existing resources are inadequate. Opportunity cost - cost of something in terms of what is given up. Production - act of making goods & services. Consumption - act of using goods and services. Resources (inputs, factors of production) a. b. c. Households (consumers) - people living under one roof who are subject to joint fina i. ii. iii. Firms (producers, businesses) - units that employ resources to produce commoditie i. ii. iii. Government - all officials or agencies under direct control of federal, provincial or m governments tron in class) nt financial decisions dities or municipal governments i. ii.
