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ECON 101 Lecture : notes taken on jan. 06 2012

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carminehornet894
17 Jan 2012
School
UBC
Department
Economics
Course
ECON 101
Professor
Ratna Shrestha

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ECON 101 Full Course Notes
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Document Summary

Scarcity- means that society has less to offer than people wish to have. Consumers (when making decision they trying to maximize satisfaction) Producers (decisions made base on which ever way they can make the maximum profit) affect economy as a whole. Unemployment rate, gdp, inflations are indications of how the economy works. In western countries, machine intensive, labour cheap, machines expensive. Developing countries, labour intensive, labour expensive, machines cheap. How to use the resource in best possible way. Go for combination that gives the best maximum satisfaction. = the study of how society manages its scarce resources. Studies: how people interact with other (interaction= trade) The forces and trends that affect the economy as whole. People trade because they are better off after trading. The forces and trends that affect the economy as a whole: Exchange rate (how many us dollars u can by with 1 canadian dollars (ex: 1 cdn = 0. 97 cents usd, then the rate is 0. 97)

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