ECON 1BB3 Lecture Notes - Lecture 1: Physical Capital, Human Capital, Product Market
10 Jan 2019
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Required textbook: econ macro 1st ce, mceachern et al. Evaluation: tests 45%; exam 40%; math review test 3%; online homework 12% Tests: test #1 @ 9:00-10:15 february 2, 2019; test #2 @9:00-10:15 march 9, 2019. Chapter 1: the art and science of economics analysis. Resources: labor: human effort physical & mental fundamental: time, capital: human creations used to produce goods and services. *physical capital: human creations used to produce goods and services e. g. buildings, computers. *human capital: knowledge and skills people use to increase productivity: natural resources: gifts of nature. Exhaustible resource: does not renew itself e. g. oil, coal: entrepreneurial ability: human skill entrepreneur: profit-seeking decision maker. Good: something you can see, feel and touch, use scarce resources to produce, and it can satisfy human wants. Good & service: use scarce resources to produce and they are scarce resources. Things we do not want then even at a zero price, e. g. garbage.
