Economics 1021A/B Chapter Notes -Ebay, Opportunity Cost, Marginal Cost
94
ECON 1021A/B Full Course Notes
Verified Note
94 documents
Document Summary
A fundamental fact dominates our lives: we want more than we can get. Our inability to get everything we want is called scarcity. The subject has two parts: microeconomics, macroeconomics. Microeconomics is the study of the choices that individuals and businesses make, the way these choices interact in markets, and the influence of governments. Macroeconomics is the study of the performance of the national economy and the global economy. Goods and services are the objects that people value and produce to satisfy wants. Goods are physical objects such as cellphones and automobiles. Services are tasks performed for people such as cellphone service and auto-repair service. What we produce varies across countries and changes over time. In economics, land = national resources (land, minerals, oil, gas, coal, water, air, forests, and fish). Our land surface and water resources are renewable, and some of our mineral resources can be recycled.
