Econ 2105 certification - Study guides, Class notes & Summaries

Given that total spending for a certain household will always include a base amount of $1,000/month, and that additional spending is equal to half of any income earned, we can predict total household spending with a model y=b+mx. X represents income earned In a world of scarcity, we will never meet all of society's wants Due to limits on out time and effort, we are best off when we allocate our time, money, and effort According to the opportunity cost of out choices If Stan's Shoemake...

Given that total spending for a certain household will always include a base amount of $1,000/month, and that additional spending is equal to half of any income earned, we can predict total household spending with a model y=b+mx. X represents income earned In a world of scarcity, we will never meet all of society's wants Due to limits on out time and effort, we are best off when we allocate our time, money, and effort According to the opportunity cost of out choices If Stan's Shoemake...