CAS EC 101 Study Guide - Midterm Guide: Capital Formation, Feudalism, Financial Institution

• School: Boston University
• Department: Economics
• Course: CAS EC 101
• Professor: Michael Manove

Document Summary

Oppor ni y cos : when doing/ choosing one hings means forgoing he. Economic cos : he o of pocke cos of an ac ion + he oppor ni y cos . Exp: (1s icke ) + (price of 2nd hing yo no going o) = . Economic ren : paymen or o her benefi received above and beyond wha he individ al wo ld have received in his/her nex bes al erna ive. Exp: benefi - econ cos (o of pocke + opp cos ) = economic ren . Economics : s dy of h man behavior associa ed wi h he prod c ion and. Gdp (gross domes ic prod c ) : is he o al val e of every hing prod ced in a dis rib ion of he (cid:343)necessi ies and conveniences of life(cid:344) given period s ch as a year.