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Economics 1021A/B Chapter Notes - Chapter 1-6: Marginal Cost, Demand Curve, Gross National Happiness

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School
Western University
Department
Economics
Course
Economics 1021A/B
Professor
Ronald Wintrobe

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ECON 1021A/B Full Course Notes
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ECON 1021A/B Full Course Notes
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Document Summary

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. Microeconomics is the study of choices made by individuals and businesses, and the influence of government on those choices. Macroeconomics is the study of the effects on the national and global economy of the choices that individuals, businesses, and governments make. Two big economic questions summarize the scope of economics: Goods and services are the objects that people value and produce to satisfy wants. What: what we produce changes over time, sixty years ago, almost 20 percent of canadian jobs work on farms, now 3 percent. The service sector includes: accommodation and food services, administration and support, professional, scientific and technical services, real estate, rental and leasing, retail trade, transportation and warehousing, etc.

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Related Questions

Economics is the social science that studies:
a. how people make choices to cope with scarcity.
b. how choices made in the social interest could eliminate scarcity.
c. the real reasons people buy goods and services.
d. whether the nation has enough natural resources.
e. the psychology of individuals and businesses.

1) Which of the following is the best definition of economics? A) The study of how producers decide what inputs to hire and what outputs to produce. B) The study of how a provincial government allocates tax dollars. C) The study of how individuals, businesses, governments, and entire societies make choices as they cope with scarcity and the incentives that influence and reconcile those choices. D) The study of how consumers spend their income. E) The study of how consumers and producers meet each other at the market.

2) Which of the following is the best definition of economics? A) The study of how individuals, businesses, governments, and entire societies make choices as they cope with scarcity and the incentives that influence and reconcile those choices. B) The study of how consumers and producers meet each other at the market. C) The study of how a provincial government allocates tax dollars. D) The study of how consumers spend their income. E) The study of how producers decide what inputs to hire and what outputs to produce.