ECON 2030 Chapter : Econ 2030 Test 1 Notes F17
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 individual people, businesses, or industries. What goods and services will our society provision itself. Talking about the decisions, choice and activities of: micro(small)economics answers the first 3 questions, macro(big)economics answers that last question. How do we go about provisioning ourselves with these. Who gets the goods and services that are produced. Big picture, entire society, looking at the nation or the whole with. Opportunity cost what you give up, but more specifically side of the lake is 4 fish. The next best thing: 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 is 5 fish on the east side, 3 fish on the south side, or 4 fish on the west side.
