ECON 1000 Lecture Notes - Demand Curve, Marginal Revenue, Average Cost
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ECON 1000 Full Course Notes
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Document Summary
Economics is study of the efficient allocation of scarce resources. Scarcity: the inability to satisfy all our wants. Incentive: a reward or penalty that makes us make the choices that we scarce. What, how, and for whom goods and services are produced. How can choices in self-interest also promote the social interest. Macroecon: study of national and global econ. (countries dealing with each other) Difference between micro and macro: micro is more about relationship about values. Factors of production: (productive resources that produce goods and services) Like cars that we drive to work, machinery, computers, and ->earns interest. Entrepreneurship human resource that organizes other factors above (or technology, it could be management skills or education or ) -> earns profit. Human capital = level of education and knowledge. Today vs tomorrow: with enjoying today we will trade off tomorrow. Business produce less resources and invest in researching development. Opportunity cost highest valued alternative we give up to something.
