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Syllabus Based Full Preliminary Notes - Economics

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Syllabus Based full Preliminary notes, it covers all of the topics within the course including - Topic 1: Introduction to Economics - Topic 2: Consumers and Business - Topic 3: Markets - Topic 4: Labour Markets - Topic 5: Financial Markets - T2opic 6: Government and the Economy

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26 Pages Complete Study Notes 1-2 Years old
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Topics this document covers:
Economy Economics Business economics Demand Market Pricing Microeconomics Supply and demand Factor market Pricing strategies Economic equilibrium Supply
This is a Complete Set of Study Notes

Complete 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.

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Topics this document covers:
Economy Economics Business economics Demand Market Pricing Microeconomics Supply and demand Factor market Pricing strategies Economic equilibrium Supply
Sample Text:
Our wants are unlimited 2. Resources are scare - that is, the resources we have to satisfy our wants are limited. 3. Since we cannot satisfy all our wants with our limited resources, we must choose between them 4. Therefore, we need to rank our preferences - we will choose our highest-preference wants first, and leave some wants unsatisfied. ● Wants are the material desires of individuals or the community. ● Scarcity arises because people's wants are unlimited and resources are limited. Ensuring the existence of opportunity cost. Opportunity Cost and its application through production possibility frontiers ● Opportunity Cost represents the alternative use of resources. It represents the cost of satisfying one want over an alternative want. ● The production possibility frontier can be used to demonstrate how opportunit...
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