ECON 1000 Chapter 1: Chapter 1 - ECON 1000

• School: York University
• Department: Economics
• Course: ECON 1000
• Professor: Sam Lanfranco

Document Summary

Scarcity is the inability to satisfy all our wants. What we can as society is limited by productive resources. Incentives are rewards that encourage or discourage an action. Economics studies choices that individuals, businesses, governments, and entire societies make as they cope with scarcity and incentives that influence and reconcile those choices. Macroeconomics: study of national and global economic performance. Goods and services are objects that people value and produce to satisfy human wants. Goods: physical objects like cell phones and automobiles. Services: tasks performed for people, such as cell phone service and auto-repair service. The past had more people working on farms, now more than 75% of working canadians have service jobs. Goods and services are produced with factors of production. Example: minerals, oil, gas, coal, water, air, forests, and fish. Work time and work effort that people devote to producing goods and services. Physical and mental efforts of all people who work on farms and offices.