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Lecture

ECON 1000 Lecture Notes - Externality

56 pages67 viewsFall 2014

Department
Economics
Course Code
ECON 1000
Professor
Rebecca Jubis

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09/16/2013
Define economics and distinguish between micro and macroeconomics
explain the two big questions of economics
micro is the analysis of the behavior of the smaller units within the market place that deals with consumers,
labour pool, entrepreneurs, firms, industry, and markets.
Macro reflects the fact that the big issues can be best understood by recognizing by their composed smaller
issues.
Study of economics is based on individual behaviors
The consumers who decide the quantity to buy
labor pool who choose which jobs they get
Entrepreneurs and choosing their workers from the labor pools, and integrating them with technology and
output production
Micro eco is the study of the function, from the individuals that influence the market as a whole.
explain the key ideas that define the economic way of thinking
explain how economists go about their work as social scientists and policy advisers
at the end of the chapter, the questions that you should know are there.
goods is something you can touch, services are something you can’t.
2 Characteristics of labor force:
Physical aspect
Mental aspect
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Labor Capital – hardcore buildings of tools
Financial capital - money
Production – anything that’s being made. Factors of production and user services, and of using the goods
and services to satisfy the wants is called consumption.
Resources are seen as scarce, or, insufficient to satisfy true productions, all of the goods and services, that
people want.
To allocate these available resources, we dictate price, because price determine the positive or negative
choices of purchase.
Economics is the study of mankind in the ordinary business of life
Economic arises out of the scare resources to satisfy human wants.
*Economics is the study of the ways that humans organize themselves to make the
necessary choices about how scare resources are used to produce goods and services,
necessary to satisfy human needs and wants.
Two Big Economic Questions
Two big questions summarize the scope of economics:
How do choices end up determining what, how, and for whom goods and services get produced?
When do choices made in the pursuit of self-interest also promote the social interest?
Goods and services are the objects that people value and produce to satisfy human wants
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What?
In Canada, agriculture accounts for 2 percent of total production, manufactured goods for 20 percent, and
services for 78 percent.
Identify the benefits and costs, incentives (positive and negatives), of choices, and their job is to show the
costs of the choice analysis.
Goods and services are produced by using productive resources that economists call factors of
productions:
Land – reusable resources
Labour – both physical and mental. Little equipment, high skills.
Capital – tools and components that help produce the goods and services: financial capital important role,
but not used in the production process physically, so it’s not considered a productive resource.
Entrepreneurship – human resource to the equation, organizes the labor, land, and capital. The inventor
and innovator that is the critical portion on how to produce. They take the risks.
For whom:
Who gets the goods and services depends on the incomes that people earn. The more you earn, the more
of the economy you get.
Land earns rent
Labour earns wages
Capital earns interest
Entrepreneurship earns profit.
Can the pursuit of Self interest promote the social interest?
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