100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
MIDTERM 1 ECON 201 CONCORDIA ! CA$12.23   Add to cart

Class notes

MIDTERM 1 ECON 201 CONCORDIA !

 151 views  0 purchase

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.

Preview 4 out of 47  pages

  • May 3, 2021
  • 47
  • 2020/2021
  • Class notes
  • Ec
  • Ch 1-4
book image

Book Title:

Author(s):

  • Edition:
  • ISBN:
  • Edition:
All documents for this subject (1)
avatar-seller
notesbyhand
NOTES




MID TERM 1
-




CHAPTERS
I -
4

, CHAPTER #1
LESSON #1
INTRO TO KEY
IDEAS

,DEFINITION


MICROECONOMICS :
Study of individual behaviour in the

context of scarcity of
-
resources (money ,
time .
. . )


2
How do producers and
buyers react against
scarcity ? given incentives
t when




MARKETS & GOVERNMENT


MIXED ECONOMY Private Government
suppliers supply
: t


and
goods services
"
Modern market economies
"




MARKET for
→ Allows trade ,
- specialization
-




Individuals objectives :

Maximizing
ex :



↳ Consumers :
Maximize
happiness
Producers Maximize profit
'
-




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
:

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller notesbyhand. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$12.23. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67474 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$12.23
  • (0)
  Add to cart