ECON101 Chapter Notes - Chapter 1: Antithesis, Information Revolution, Business Travel

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ECON101 Full Course Notes
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ECON101 Full Course Notes
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All economic questions arise because we want more than we can get. Our inability to satisfy all our wants is called scarcity. An incentive is a reward that encourages or a penalty that discourages an action. 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: the study of the choices that 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 are objects that people value and produce to satisfy human wants. Factors of production: productive resources grouped into land, labour, capital, and entrepreneurship. Land: gift of nature used to produce goods and services natural resources. Labour: work time and work effor that people devote to producing goods and services.

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