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Lecture 2

ECON 101 Lecture 2: What is Economics

2 Pages

Course Code
ECON 101
Anichul Khan

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ECON-101 Lecture 2 Notes – Chapter 1: What is Economics? Definition of Economic • We want more than we can get o Scarcity – inability to fulfill our wants -> choices -> incentive – reward or penalty of different choices e.g. price • Microeconomics – individuals, businesses o Why do people shop on Amazon? • Macroeconomics – national and global economy o What happened in the US in 2008? Two Big Economic Questions • How do choices affect what, how, for whom goods and services are produced? o What: varies across countries and changes over time o How: depends on the technology and resources available -> factors of production § Land: gifts of nature: water, oil, minerals, air, gas, coal, air, forests, fish, etc. § Labour: work time and effort that people devote § Capital: tools, instruments, machines, buildings • Does not include financial capital (money) § Entrepreneurship: person organizing it all
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