ECO 1102 Chapter Notes - Chapter 1: More, More, More, Dalton Mcguinty, Free Good

• School: University of Ottawa
• Department: Economics
• Course: ECO 1102
• Professor: David Gray

Document Summary

More, more, more: human wants are unlimited because people are greedy. As so aptly demonstrated by many corporate executives. Canadians may be more caring" than the money grubbing" americans, but, Face it! we are living in a material world. Human wants are partially satisfied by producing and then consuming goods and services. We analyze the nature of : production activities - theory of the firm consumption activities - theory of the consumer: exchange activities - coordination between them - theory of markets. There are two primary types of economic actors (actresses) Who interact (exchange) within markets in a capitalist economy. An economy is an institution in which these actors produce, consume, and exchange. Any economy produces goods and services by combining resources: land. Economic resources: land: natural resources or any derivative thereof crops, minerals, land itself (on which buildings and structures lie, not lay ) Capital: something that is used to make something else: structures, vehicles, plant & equipment, machinery.