Economics 1021A/B Lecture Notes - Lecture 1: Government Budget Balance, Macroeconomics, Canadian Dollar

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ECON 1021A/B Full Course Notes

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1. 1 definition of economics: in a world characterized by scarcity, all goods are free, opportunity cost is zero, we are not limited by time, individuals need not work to obtain goods, people must make choices among alternatives. Topic: definition of economics: the study of how wages are set for new brunswick teachers is classified as, a macroeconomic topic, a microeconomic topic, economics of social interest, economics of private interest, normative economics. Topic: definition of economics: the branch of economics that studies the choices of individuals and businesses is, macroeconomics, microeconomics, positive economics, normative economics, social economics. Topic: definition of economics: the determination of prices in individual markets is primarily a concern of, positive economics, negative economics, macroeconomics, microeconomics, descriptive economics. Topic: definition of economics: complete the following sentence. Topic: definition of economics: the branch of economics that studies the performance of the national economy and the global economy is, macroeconomics, microeconomics, keynesian economics, positive economics, normative economics.

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1) Which of the following is the best definition of economics? A) The study of how producers decide what inputs to hire and what outputs to produce. B) The study of how a provincial government allocates tax dollars. C) The study of how individuals, businesses, governments, and entire societies make choices as they cope with scarcity and the incentives that influence and reconcile those choices. D) The study of how consumers spend their income. E) The study of how consumers and producers meet each other at the market.

2) Which of the following is the best definition of economics? A) The study of how individuals, businesses, governments, and entire societies make choices as they cope with scarcity and the incentives that influence and reconcile those choices. B) The study of how consumers and producers meet each other at the market. C) The study of how a provincial government allocates tax dollars. D) The study of how consumers spend their income. E) The study of how producers decide what inputs to hire and what outputs to produce.

economics is best defined as the study of how people, businesses, governments, and societies

A) make choices to cope with scarcity.

B) attain wealth.

C) choose abundance over scarcity.

D) use their infinite resources.

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Economics 1021A/B Lecture Notes - Lecture 1: Government Budget Balance, Macroeconomics, Canadian Dollar

ECON 1021A/B Full Course Notes

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