ECON 101 Chapter Notes - Chapter 1: Opportunity Cost, Financial Capital, Human Capital
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ECON 101 Full Course Notes
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Document Summary
Economics: all economic questions arise because we want more than we can have, change in technology, environment, and global economy. 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: (choices individuals and businesses make, the way choices interact with markets, and the influence of the government) p. 2. Macroeconomics: (performance of the national and global economy) p. 2. China, indian, brazil, and russia playing a greater role in expanding global economy. Scarcity & incentives are a huge part in economics. Decrease in farming and manufacturing caused by the increase in services. How: factors of production> production of goods and services with the usage of productive resources. Land natural resources (minerals, oils, gas, water, air etc) Labour work and time people devote to producing goods and services. Capital (investment) tools, instruments, machines, buildings that businesses use to.
