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Sep.10 2013.docx

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University of Ottawa
David Gray

ECO1104 Sep. 10 , 2013 YUJIE YI #7038840 David Grey OFFICE HOURS: Monday& Wednesday 10:30-12:00 Location: FSS 9 floor office: #9045 Definition: Scarcity: the limited nature of society’s resources Economics: the study of how society manages its scarce resources Efficiency: the property of society getting the most it can from its scarce resources Equity: the property of distributing economic prosperity fairly among the members of society Opportunity cost: whatever must be given up to obtain some item INTRODUCTION TO MICROECONOMICS 1 /5 “What makes us take/ what motivates human behavior?” Material world: human wants are unlimited because people are greedy. Human wants are partially satisfied by producing and then consuming goods and services. People analyze the nature of: -Production activities- theory of the FIRM -Consumption activities- theory of the CONSUMER -Exchange activities- coordination between them – theory of MARKETS Supply function is based on the firms. Two primary types of ECONOMIC ACTORS: consumers & producers who interact/ exchange within markets in a capitalist ECONOMY. An ECONOMY is an institution in which these actors produce, consume, and exchange. Economy types: centrally planned economy, Robinson Road economy (no market at all, one producer, one consumer) Most developed economy: market economy! Any economy produces goods and services by combining RESOURCES (land, labour, capital) into a TECHNOLOGY OF PRODUCTION. ECO1104 Sep. 10 , 2013 YUJIE YI #7038840 Three primary factors of production: -Land: natural resources or any derivative. Thereof: crops, mineral, land itself (on which buildings and structures LIES) -Labour: human efforts -Capital: something that is used to make something else: structures, vehicles, plant & equipment, machinery. It is not altered or consumed in the production process, but it does depreciate. Technology of production: “HOW TO” how to produce, how to combine, what’s the recipe. Financial c
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