Economics 1021A/B Lecture Notes - Lecture 1: Dwayne Johnson, Carbon Footprint, Opportunity Cost

• School: Western University
• Department: Economics
• Course: Economics 1021A/B
• Professor: Irene Trela

Document Summary

Quizzes will cover homework questions, etc. but tutorial questions will not appear on quizzes (tutorial questions will only appear on exams) Define economics and distinguish between microeconomics and macroeconomics. Explain the key ideas that define the economic way of thinking. Explain how economists go about their work as social scientists and policy advisers. You are studying economics at a time of extraordinary change. Your life will be shaped by the challenges you face and the opportunities that you create. But to face those challenges and seize the opportunities they present, you must understand the powerful forces at play. The e(cid:272)o(cid:374)o(cid:373)i(cid:272)s that you"re about to learn will become your most reliable guide. All economic questions arise from scarcity (universal; means in short supply: fundamental economic problem: scarcity, wants exceeds the resources available to satisfy. Our inability to satisfy all our wants is called scarcity: choices depends on incentives- rewards that encourage actions and penalties to discourage actions.