ECO 1002 Lecture 2: ECO Chapter 1.1
Document Summary
Prediction: due to limited resources and population growth, humankind will experience widespread starvation. He did not account for increases in technology and agricultural productivity. A situation in which apparently unlimited wants exceed the limited resources available to fulfill those wants. The study of the choices people make to attain their goals, given their scarce resources. We will generally never say no to having more. Economics can be used to answer questions like: Individual choosing to take a job in florida or california. Effect of government intervention on a single market. Factors that motivate you to act or exert effort. Incentives are everywhere, and financial gain often plays a prominent role. Tax refund, pay raise, employee of the month award, sticker and a smiley face, extra credit. Taxes, jail, fees, fines, spankings, getting grounded, getting fired, failing class. Do my yard work and ill give you . Get straight a"s and ill give you .
