[ECON 101] - Final Exam Guide - Ultimate 24 pages long Study Guide!
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ECON101 Full Course Notes
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How people make it and spend it: business, government, jobs. Economics is a social science that : studies choices and their consequences. As they cope with scarcity and the incentives that influence and reconcile those choices. All economic questions arise because we want more than we can get. Scarcity = short supply, shortage: we want more than we can get. Incentive = award that encourages an action or a penalty that discourages an action: reconcile choices, i. e. prices. Opportunity cost has two components: thi(cid:374)gs you (cid:272)a(cid:374)"t affo(cid:396)d, thi(cid:374)gs you (cid:272)a(cid:374)"t do (cid:449)ith you(cid:396) ti(cid:373)e. Microeconomics is the study of (cid:272)hoi(cid:272)es that : individuals and businesses make, how these choices interact in the markets, influence of governments, microeconomic questions. Macroeconomics is the study of the performance of the national economy and the global economy: macroeconomic questions. Goods and services = produces to satisfy what people want: goods are tangible, services are intangible. What: varies across countries, changes over time.