ECO 1104 Midterm: ECO 1104 MIDTERM STUDY GUIDE
9 Oct 2018
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ECO 1104 Full Course Notes
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On thursday we had our first midterm this is a study guide for the midterm. Correlation and causation (reverse causality, omitted variables, correlation without causation) Production possibilities: production possibilities frontier (efficient, not efficient, attainable, not attainable, straight line, concave, shifts) Specialization and trade can make everyone better off. An economy is driven by individuals seeking to make a profit; people specialize so as to exploit their comparative advantages. Demand (demand schedule, demand curve, law of demand, shifts, movements) Supply (supply schedule, supply curve, law of supply,shifts, movements)
