ECON 101- Final Exam Guide - Comprehensive Notes for the exam ( 82 pages long!)
28 Mar 2018
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For example, going grocery shopping has two concerns: where are you going to shop and what you are going to buy. These concerns depend on your budget, the location, and the convenience. It is likely you will choose the location with the cheapest prices, and you will only purchase the groceries that you need. Scarce resources (scarcity) unlimited wants in a world of limited resources. These unlimited wants exceed the limit resources available to satisfy these wants. Economic model simplified version of reality economists use to analyze world economics situations: a good economic model is simple, and easy to use/read. Allows a person to generate a testable hypothesis, which can be tested on data: an example of an economic model: market model. Your enjoyment would be the marginal benefit and the price of the beer would be the marginal cost.
