Econ1000 Study guides, Revision notes & Summaries

Because of scarcity, every choice involves a trade-off — you have to give up something to get something else The true cost of any choice is the opportunity cost — the cost of the best alternative given up Opportunity cost is more important than money cost For a smart choice, the value of what you get must be greater than value of what you give up Economic models assume all other things not in the model do not change Mental equivalent of controlled experiments in laboratory Positive s...

Market Demand for Water Two Ways to Read a Demand Curve:Demand Curve – Read Over and Down Two Ways to Read a Demand Curve:Marginal Benefit Curve – Read Up and Over WHAT CAN CHANGE DEMAND? Quantity demanded changes only with a change in price. All other influences on consumer choice change demand.

ECON 1000 / ECON1000 QUIZ ANSWERS - CHAPTER 8 & 9 Economics: Chapter 8 Sample Tests/Study Plan 1. A change in the prices of goods and a change in a consumer’s income Answer: changes the slope of the budget line; shifts the budget line 2. Utility is the benefit or satisfaction that a person gets from Answer: the consumption of goods and services 3. We use the concept of utility to describe a consumer’s preferences by looking at the Answer: total utility they obta...

microecon notes - law of demand summarised

In-depth notes and descriptions on key terms. Explanations and examples.

Increase in Market Supply of Piercings Supply changes with changes in technology, environment, prices of inputs, prices of related products or services produced, expected future prices, number of businesses. For example, supply increases with: improvement in technology Increase in Market Supply of Piercings(Marginal Cost Reading) Supply changes with changes in technology, environment, prices of inputs, prices of related products or services produced, expected future prices, number of busine...

Study notes for Chapters 9 to 12 for the Microeconomics for Life textbook.

economics - microeconomics - chapter 1 notes - advantages, scarcity, opportunity cost, circular flow model

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