Find
Search for over 200,000 study notes and past assignments!
Swap
Download study resources by swapping your own or buying Exchange Credits.
Study
Study from your library anywhere, anytime.
ECON1101 Revision Full Summarises
ECON1101 - Microeconomics 1
52 Pages • Complete Study Notes • Year: Pre-2021
Full revision notes Macroeconomics studies focuses on the whole economy not individual markets. Positive Analysis: Descriptive statements of cause and effect. Normative Analysis: Statements that embody value judgements. Heart of economics: 1. Resources are finite 2. Wants are unlimited 3. Choices needs to be made Implication of scarcity: Having more of one good thing usually means having less of another – trade- off notion. (Opportunity cost – the best alternative foregone). Thus society must decide: what, how and for whom. Thinking on the Margin: MB > MC Absolute advantage: when someone is more efficient or productive in producing a good compared to another. Comparative advantage: when someone has an advantage in having a lower opportunity cost in producing a good compared to another. Trade can benefit both people (however one person needs comparative advantage) PPC, time element: ...
This document is 25 Exchange Credits
More about this document:
|
|
This document has been hand checkedEvery document on Thinkswap has been carefully hand checked to make sure it's correctly described and categorised. No more browsing through piles of irrelevant study resources. |
|
|
This is a Complete Set of Study NotesComplete Study Notes typically cover at least half a semester’s content or several topics in greater depth. They are typically greater than 20 pages in length and go into more detail when covering topics. |
|
|
What are Exchange Credits?Exchange Credits represent the worth of each document on Thinkswap. In exchange for uploading documents you will receive Exchange Credits. These credits can then be used to download other documents for free. |
|
|
Satisfaction GuaranteeWe want you to be satisfied with your learning, that’s why all documents on Thinkswap are covered by our Satisfaction Guarantee. If a document is not of an acceptable quality or the document was incorrectly described or categorised, we will provide a full refund of Exchange Credits so that you can get another document. For more information please read Thinkswap's Satisfaction Guarantee. |
Studying with Academic Integrity
Studying from past student work is an amazing way to learn and research, however you must always act with academic integrity.
This document is the prior work of another student. Thinkswap has partnered with Turnitin to ensure students cannot copy directly from our resources. Understand how to responsibly use this work by visiting ‘Using Thinkswap resources correctly’.
Browse ANU Subjects
