ECON 1000 Lecture Notes - Lecture 24: Information Revolution, Ebay

• School: York University
• Department: Economics
• Course: ECON 1000
• Professor: Gordana Colby

Document Summary

A fundamental fact dominates our lives: we want more than we can get. Our inability to get everything we want is called scarcity. Scarcity is universal, it confronts all living things. An incentive is reward that encourages an action or a penalty that discourages one. Economics is the social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with scarcity and the incentives that in uence and reconcile those choices. Microeconomics is the study of the choices that individuals and business make, the way these choices interact in markets, and the in uence of governments. Macroeconomics is the study of performance of the national economy and the global economy. Goods and services are the objects that people value and produce to satisfy wants. Goods are physical objects such cellphones and automobiles. Services are task performed for people such as cellphone service, auto-repair service.