Economics 1021A/B : Econ 1021 – Chap 1

• School: Western University
• Department: Economics
• Course: Economics 1021A/B
• Professor: Jeannie Gillmore

Document Summary

Scarcity inability to get everything we want it"s universal. Must make choices cannot have best of both words. Incentive reward that encourages an action / penalty that discourages one. Price of laptop too low less supply than demanded. Price too high supply than demand. Economics social sci that studies choices that indiv, businesses, gov, entire societies make as they cope with scarcity and incentives that influence and reconcile those choices. Micro econ - study of choices indiv and business make. Macro econ study of performance of national econ, global econ. How do choices end up determining what, how and for whom goods and services are produced. When do choices made in pursuit of self-interest also promote social interest. Goods and services objects people value + produce to satisfy human wants. Goods physical objects cell phones. What produced various across countries changes over time. How produced by using factors of production resources business use to produce goods and services.