ECS1501 Study guides, Class notes & Summaries

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1.1 Economics is the study of [1] how society manages its unlimited resources. [2] how to reduce our wants until we are satisfied. [3] how society manages its scarce resources. [4] how to fully satisfy our unlimited wants. 1.2 Scarcity implies that people must [1] trade. [2] compete. [3] cooperate. [4] make choices. 1.3 Scarcity applies to [1] neither time nor money. [2] both money and time. [3] time but not money. [4] money but not time. 1.4 Opportunity cost can be defined as

On production possibility frontier AC [1] output combinations D and E represent full and efficient use of resources, but A, C and F represent inefficient resource use. [2] output combinations A, D, E and C all represent full and efficient resource use. [3] output combination A and C represents less efficient resource use than either D or E. [4] the production of goods X and Y require similar factor inputs in similar proportions.

Economics: How societies use scarce resources to produce valuable goods and services and distribute Then among different individuals.

Exam (elaborations) ECS 1501 (ECS1501)

Exam (elaborations) ECS1501 - Economics IA (ECS1501) Assignment 02 Semester 01 Year 2022 online responses

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Exam (elaborations) ECS1501 - Economics IA (ecs1501)