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ECON 103 Chapter Notes - Chapter 1: Opportunity Cost

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School
Simon Fraser University
Department
Economics
Course
ECON 103
Professor
Marie Rekkas

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Document Summary

Scarcity: our inability to get everything we want. Microeconomics: the study of the choice that individuals and businesses make, the way these choices interact in markets, and the in uence of governments. Macroeconomics: the study of performance of the national economy and the global economy. People earn their income by selling the services of the factors of production they own: land earns rent, labour earns wages, capital earns interest, entrepreneurship earns pro t. Do choices made in the pursuit of self-interest also promote the social interest: self-interest: the choice that is best for you, social-interest: a choice that is best for society as a whole, efficiency and the social interest. Ef cient: resource use is ef cient if it is not possible to make someone better off without making someone else worse off. Ef ciency does not imply a fair share. Globalization: the expansion of international trade, borrowing, lending, and investment.

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Related Questions

what is economics 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.

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.