ECON 1000 Lecture Notes - European Cooperation In Science And Technology, Carbon Footprint, Ceteris Paribus

• School: York University
• Department: Economics
• Course: ECON 1000
• Professor: Steven Edwards

Document Summary

Macro- dealing with aggregates, total production of nation, accumulated by the micro. Micro- behavior of the smaller universe, the players. (consumers, labour pools, entrepreneurs, industry, firms, markets. Many big issues can be said to be composed of several small issues. Knowledge of economics is based on individual behavior (how you function daily) The consumer decides what to purchase, the labour pool decides what job to take, the entrepreneur decides how many to hire from labour pool and how to integrate technology to product output. Food, water and shelter are physiological needs. Are wants are unlimited (we want everything) All economics questions arise because we want more than what we can get (human nature) The existing supply of resources are inadequate. Resources that give back (land, water, nature) Back in the day it was all physical work (no mental labour) Capital refers to the factors of production (used to produce desired goods)