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Lecture 1


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ECON 101
Anichul Khan

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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
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