Contemporary Economic Issues (ECON1000)

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

This chapter begins by broadly describing the roles played by households and firms in the consumption and production of goods/services. Next, the fundamental questions that a society faces when deciding how to use its scarce productive resources are identified. The notion of the Production Possibilities Frontier (which provides a graphical depiction of the limits on output that a society faces due to resources being scarce) is described. Finally, a simple model (of a two person, two commodity ec...

These two chapters provide an overview of economics as a social science and introduces key concepts like scarcity, choice, and opportunity cost.

Notes over chapter 10

Study Guide for Chapter 10 quiz

Notes for Chapter 9

Notes on Chapter 8

Notes on Chapter 7

Review for Chapter 7 quiz

Notes on Chapter 5