ECON 2030 Chapter : Exam 1 Notes
Document Summary
Economies and economics: definitions, economics is the study of how societies provision themselves with the material means of existence. Consequences? about services as well: micro(small)economics answers the first 3 questions. Talking about the decisions, choice and activities of individual people, businesses, or industries. What goods and services will our society provision itself with. How do we go about provisioning ourselves with these. Who gets the goods and services that are produced: macro(big)economics answers that last question. Big picture, entire society, looking at the nation or the whole country"s economy. Opportunity cost what you give up, but more specifically: the best opportunity we would forgo (the only relative cost, ex. Remus has to decide which side of the lake to fish on. His expected catch on is 5 fish in the east side, 3 fish on the south side, or 4 fish on the west side.
