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ECON 1050 Study Guide - Midterm Guide: Inferior Good, W. M. Keck Observatory, Ceteris Paribus

163 views6 pages
crimsongnat286
5 Dec 2017
School
University of Guelph
Department
Economics
Course
ECON 1050
Professor
Eveline Adomait

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Document Summary

Scarcity: our inability to get everything we want. *what everybody can get is limited by the productive resources available. Incentive: a reward that encourages an action or a penalty that discourages one. Economics: the social science that studies the choices that individuals, businesses, governments and entire societies make as they cope with scarcity. Microeconomics: the study of the choices that individuals and businesses make, the way these choices interact in markets, and the influence of governments. Macroeconomics: the study of the performance of the national economy and the global economy. Goods and services: objects that people value and produce to satisfy wants goods: physical objects services: tasks performed for people. Factors of production: land, labour, capital, entrepreneurship. La(cid:374)d: (cid:862)the gifts of (cid:374)ature(cid:863) (cid:449)e use to produ(cid:272)e goods a(cid:374)d ser(cid:448)i(cid:272)es are (cid:272)alled la(cid:374)d. Labour the work time and work effort people devote to producing goods and services. Human capital: the quality of labour depends on this.

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Related Questions

Economics is the social science that studies:
a. how people make choices to cope with scarcity.
b. how choices made in the social interest could eliminate scarcity.
c. the real reasons people buy goods and services.
d. whether the nation has enough natural resources.
e. the psychology of individuals and businesses.

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.