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ECON 101 - 11/09/2007 7:17:22 PM

Follows Text Book Really Closely

Chapter 1: What is economics?


* Definition of Economics

Keywords:
Scarcity
Choices
Incentive
Microeconimics: the study of chices made by individuals and businesses and the
influecne of government on those choices
Tradeoff: Every choice is like in chess;
Guns and butter model
Smart Choices
Marginal Benefit
Marginal Cost
Self-Interest
Selfish Actions
Institutions
Laws: Pretect Privatge Property, Private Exchanges

Chapter 2: Good Better Best


* scarcity and opportunity cost
efficiency
smart choice
PPF Production Probabilties Frontier

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