ECON 1000 Lecture Notes - Financial Capital, Global Warming, Human Capital
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ECON 1000 Full Course Notes
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Scarcity the inability to satisfy all our wants. Since we face scarcity we must choose between the choices we have. Incentive a reward that encourages an action or a penalty that discourages one. Economics 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. Microeconomics the study of the choices individuals and businesses make, the way these choices interact in markets, and the influence of governments. Macroeconomics the study of the performance of the national economy and the global economy. Goods and services the objects that people value and produce to satisfy human wants. Produced by using productive resources factors of production . Land the gift of nature what we use to produce goods and services the natural resources ; land itself, minerals, oil, gas, coal, water, air, forests, and fish.