ECON101 Lecture Notes - Lecture 1: John Maynard Keynes, Macroeconomics, Income Distribution

• School: University of Waterloo
• Department: Economics
• Course: ECON101
• Professor: Angela Trimarchi

Document Summary

The problem of scarcity that rises from the inability of satisfiying all our wants and needs. All economis problems arrise because our wants and desires are unlimited but we have limited rescources. Efficiently and sustainably using and allocatng rescources over time. -expalins how individuals and different groups behave based on what you. If you want to understand economics you have to look at individuals and understand their behaviour in a market setting to understand how decisions are made: alfred. Marshall methodological individual : consume and satisfaction you get from that. Economics is the social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with scarcity and the incentives that influence and reconcile those choices. -study on choices people make when dealing with scarcity and incentives. -government intervention is a must for healthy economy. John maynard keynes: explained the cause of the great depression.