Arts And Science - Political Science And Economics
ECON 201 (ECON201)
Class notes
MIDTERM 1 ECON 201 CONCORDIA !
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Course
ECON 201 (ECON201)
Institution
Concordia University (
)
Book
Principles of Macroeconomics
In this 40-page pdf, I have summarized the 4 chapters that will be on the first midterm of Econ 201. There are graphs, figures, definitions etc..., solely focused on the bigger and most important points of the textbook.
Gov 's central role in : Goods I services
economy
-
.
ex : Education ,
health care
laws I regulations
-
→
Accounts for of
Ig
the modem mixed
economy!
, OPPORTUNITY COST & THE MARKET
OPPORTUNITY COST Cost of What must
making choices
:
be sacrificed when option
choosing an
over another ?
↳ Different opportunity costs different= efficiencies =
different speHon skills
A MODEL OF EXCHANGE I SPECIALIZATION
SPECIALIZATION Allocating all available time to
:
producing
One
good .
EX :
€
Specialization ! !
production possibilities / points
Other
along
the PPF I
-
.
Amanda :
More efficient in producing N
Zoe More efficient in
producing F
:
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