ECON101 Lecture Notes - Opportunity Cost, Unstructured Supplementary Service Data

• School: University of Waterloo
• Department: Economics
• Course: ECON101
• Professor: Emanuel Carvalho

Document Summary

Study guide emphasize on the multiple choice questions. Forget about the card provided because it will not be used in-class. Always come to class never miss any notes, and have the class explained. There are two mid-terms ( = 40% ) Course outline is under the econ dept. Economics: is about people; it is about the way people make choices, employ resources, and co-operate with one another to overcome the universal problem of scarcity. Factors of production: basic inputs of land, labour, capital, and entrepreneurship, employ in the production of goods and services, or simply commodities. Land: accounts for fertility, mineral deposits, vegetation, and animal life, as well as other natural resources, such as water and air, employed in the production of goods and services. Capital: fabricated inputs such as machinery and equipment employed in the production of goods and services. Entrepreneurship: accounts for human resources involved in the organization of land labour and capital to produce goods and services.