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ECON101 Chapter Notes - Chapter 1: Ebay, Human Capital, Tim Hortons

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School
University of Waterloo
Department
Economics
Course
ECON101
Professor
Corey Van De Waal

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ECON101 Full Course Notes
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ECON101 Full Course Notes
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Document Summary

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. The subject is divided into two parts: microeconomics and macroeconomics. Microeconomics - is the study of the choices that individuals and businesses make, the way these choices interact in markets, and the influences of governments. How do choices end up determining what, how, and for whom goods and. Goods and services are the objects that people value and produce to satisfy human wants. 65 years ago 20% of canadians were in the agricultural and farming sector. Today 70% of canadians are in the service sector. Goods and services are produced by using the factors of production: land earns rent the gifts of nature, what we use to produce goods and services are called land.

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Related Questions

Economics is the social science that studies:
a. how people make choices to cope with scarcity.
b. how choices made in the social interest could eliminate scarcity.
c. the real reasons people buy goods and services.
d. whether the nation has enough natural resources.
e. the psychology of individuals and businesses.

1) Which of the following is the best definition of economics? A) The study of how producers decide what inputs to hire and what outputs to produce. B) The study of how a provincial government allocates tax dollars. C) The study of how individuals, businesses, governments, and entire societies make choices as they cope with scarcity and the incentives that influence and reconcile those choices. D) The study of how consumers spend their income. E) The study of how consumers and producers meet each other at the market.

2) Which of the following is the best definition of economics? A) The study of how individuals, businesses, governments, and entire societies make choices as they cope with scarcity and the incentives that influence and reconcile those choices. B) The study of how consumers and producers meet each other at the market. C) The study of how a provincial government allocates tax dollars. D) The study of how consumers spend their income. E) The study of how producers decide what inputs to hire and what outputs to produce.