Class Notes (838,117)
Canada (510,681)
Economics (472)
ECON 101 (111)
Lecture 2

ECON 101 Lecture 2: What is Economics

2 Pages
Unlock Document

ECON 101
Anichul Khan

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
More Less

Related notes for ECON 101

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.