ECO105Y1 Lecture : lec01_10sep_105.pdf
Document Summary
Lecture overview: about me, why eco 105y , course outline, pearsonmylab. com, break, economics for life: ch 1. Because you can never satisfy all of your wants, and what to give up. making the most out of your life requires smart choices about what to go after, Scarcity & choice: economics how individuals, businesses, and governments make the best possible choices and how those choices interact in markets, problem of scarcity arises because of limited money, time, and energy. Economy is the art of making the most out of life . Economics for life: microeconomics analyzes individual choices in households, businesses and governments, macroeconomics analyzes performance of the whole canadian economy and global economy. Opportunity cost is the single most important concept both in economics and for making smart choices in life. Incentives rewards and penalties for choices: you are more likely to. New york city wants to ban super-sized drinks to combat obesity.
