ECON 1000 Study Guide - Final Guide: Production Quota, Diminishing Returns, Fixed Cost
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Economics: the social science that studies the choice individuals, businesses, governments, and entire societies make as they cope with scarcity and he incentives that influence and reconcile those choices. Scarcity: inability to satisfy all wants/needs because of limited resource. Microeconomics: the study of the choices that individuals and businesses make, the way these. Incentive: a reward that encourages an action or a penalty that discourages an action choices interact in markets and influence the government. Macroeconomics: the study of the performance of the national economy and the global economy: microeconomics vs. macroeconomics: no money involved in microeconomics. Factors of production: land: earns rent. Natural resources: minerals, oil, gas, coal, water, air, forests, fish, etc. some renewable (can be recycled), some non-renewable (resources to make energy: labour: earns wages. Work, time and effort that people devote to production goods and services. Human resources that organize labour, land and capital. Self-interest: if the choice is the best available for an individual.