ECON 1000 Lecture Notes - Global Warming, Cost Accounting, Marginal Utility

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ECON 1000 Full Course Notes
10
ECON 1000 Full Course Notes
Verified Note
10 documents

Document Summary

All economic questions arise because we want more than we can get. (wants are unlimited and resources are limited) Our inability to satisfy all our wants is called scarcity. Because we face scarcity, we must make choices . incentives we face. An incentive is a reward that encourages an action or a penalty that discourages an action. Economics is the social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with scarcity and the incentives that influence and reconcile those choices. Economics is not only concerned with how to make money and get rich. But, because everyone"s level is different, we cannot have equal distribution. Goods and services are the objects that people value and produce to satisfy human wants. Agriculture accounts for less than 1 percent of total canadian production, manufactured goods for.