ECON 1000 Study Guide - Midterm Guide: Opportunity Cost, Fallacy, Marginal Cost
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4 Jul 2016
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ECON 1000 Full Course Notes
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The inability to satisfy all our wants. We want more than we can get. We"re limited by the time we have, income we earn, prices we must pay. Productive resources as a society: gifts of nature, human labour and ingenuity, tools/equipment we produce. We must make choices and pick one or the other. A reward that encourages or a penalty that discourages an action. The study of the choices that individuals and businesses make. How households and firms make decisions and how they interact in specific markets. The objects that people value and produce to satisfy wants. The gifts of nature that we use to produce goods and services. Natural resources; metal ores, oil, gas and coal, water and air. Resources used to create energy are non-renewable. The work time and work effort that people devote to producing goods and services.
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