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.

Review the topics that will be on the final exam

Notes over chapter 10

Study Guide for Chapter 10 quiz

Topics over Exam 3

Notes for Chapter 9

Notes on Chapter 8

Notes on Chapter 7