ECON 1010H Chapter Notes - Chapter 1: Information Revolution, Marginal Utility, Opportunity Cost
14 Oct 2016
School
Department
Course
Professor
Document Summary
Scarcity our inability to satisfy all our wants. 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 and the incentives that influence and reconcile those choices: has two parts: microeconomics & macroeconomics. 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 stud of the performance of the national economy and the global economy. What, how, and for whom: goods physical objects, services tasks performed. Goods and services objects that people value and produce to satisfy wants. What we produce varies across countries and changes over time. How we produce is described by the technologies and resources that we use: factors of production the resources used to produce goods and services.
