[ECON 103] - Final Exam Guide - Everything you need to know! (51 pages long)

• School: Simon Fraser University
• Department: Economics
• Course: ECON 103
• Professor: Marie Rekkas

Document Summary

Microeconomics: (cid:894)usually e(cid:272)o(cid:374)o(cid:373)i(cid:272)s that"s (cid:374)ot o(cid:374) the (cid:374)e(cid:449)s(cid:895) Fact: we all want more than we can get. Scarcity: the inability to satisfy our wants: so, we must make choices. Incentive: a reward that encourages an action or a penalty that discourages an action. Information-age monopolicies: there has been technology change in the past 40 years, called the information. Revolution: self interest: microsoft was only available operating system for pc, and it gave us pho(cid:374)es, laptops, apps, a(cid:374)d the i(cid:374)te(cid:396)(cid:374)et . Ca(cid:374) go(cid:448)"ts gi(cid:448)e i(cid:374)(cid:272)e(cid:374)ti(cid:448)es so our self interest choices are also in the social interest?: economic instability (2008 bank crash, the (cid:271)a(cid:374)k"s (cid:272)hoi(cid:272)es to take deposits a(cid:374)d (cid:373)ake loa(cid:374)s a(cid:396)e (cid:373)ade i(cid:374) the self-interest of the company. A social science and policy tool: positive versus normative. Economics use two types of statements: positive statements: what is, can be tested by checking it against facts, normative statements: what ought to be, expresses own opinion and cannot be tested.