[ECON 101] - Final Exam Guide - Everything you need to know! (33 pages long)
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1 Dec 2016
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ECON101 Full Course Notes
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In chapter 1, we will try to answer the following questions: However, both human-made and natural resources (renewable and nonrenewable resources) are finite. This gives rise to the problem of scarcity. Faced with limited resources, we are unable to satisfy all our wants or desires. Economics is the study of how people allocate their limited resources to satisfy their nearly unlimited wants. Mankind in the ordinary business of life; it examines that part of the individual and social action which is most closely connected with the attainment and with the use of material requisites of wellbeing. Textbook: the principles of economics, 1890 (highly influential). Interested in individuals and how they make their choices. Economics is all about how people make choices. Sociology is about why there isn"t any choice to be made . The theory of economics does not furnish a body of settled conclusions immediately applicable to policy.
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