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Lecture 1

ECON 101 Lecture 1: ECONOMICS 101 NOTES BRUNO ARAQUE

1 pages101 viewsFall 2017

Department
Economics
Course Code
ECON 101
Professor
Anichul Khan
Lecture
1

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ECONOMICS 101
What is economics?
2 BIG economic questions.
The economic way of thinking.
CHOICES:
-Inability to satisfy all of our wants= SCARCITY
-Because of SCARCITY you have to make choices.
-The choices we make depend on our INCENTIVES.
DEFINITION OF ECONOMICS: Economics is the social science that studies the
choices made by individuals, firms, government, and the entire society as they
cope with scarcity.
2 BIG QUESTIONS:
-How do choices end up determining what, how and for who goods and services get produced?
-When do choices made in the pursuit of self-interest also promote the social interest?
WHAT ARE GOODS AND SERVICES?
Goods and services are the tangible
objects and/or activities that people value
and produce to satisfy their wants.
WHAT ARE FACTORS OF PRODUCTION?
The factors of production are the productive resources needed to make a good or a service.
4 FACTORS OF PRODUCTION WHAT DO THEY EARN?
LAND-----------------------------------------------------------------------RENT
LABOUR-------------------------------------------------------------------WAGE
CAPITAL-------------------------------------------------------------------INTEREST
ENTREPENEURSHIP ----------------------------------------------------PROFIT
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