ECON 1050 Lecture Notes - Lecture 1: Marginal Utility, Carbon Footprint, Human Capital
17 Oct 2016
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Econ chapter one notes things (governments cant spend a tax dollar on both national defence and. Scarcity our inability to get everything we want; universal; confronts all living environmental protection so they must choose how they spend that dollar) Incentive reconcile choices; a reward that encourages an action or a penalty that. Economics the social science that studies the choices that individuals, businesses, Micro economics the study of the choices that individuals and businesses make, Goods and services are the objects that people value and produce to satisfy wants. Goods are physical objects such as cellphones; services are tasks preformed for people such as cell phone service. Varies across countries (agriculture 2%, manufacturing 20%, education 78%) Land what we use to produce goods and services (natural resources) rent. Labour time devoted to producing goods wages instruments, machines and buildings interest. Entrepreneurship human resource that organizes labour, land and capital profit.
