ECON102 Chapter Notes -Human Capital, Microeconomics, Macroeconomics

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orangecoyote929

21 Nov 2013

School

University of Waterloo

Department

Economics

Course

ECON102

Professor

Eva Lau

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ECON102 Full Course Notes

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Definition of economics scarcity: inability to satisfy all our wants. We want more than we can get. Microeconomics: the study of the choices that individuals and businesses make. Macroeconomics: the study of the performance of the national economy and the global economy. 01 what is economics? page 2 of 4. Marginal benefit: the benefit that arises from an increase in an activity (the extra benefit) Marginal cost: the cost of an increase in an activity (the extra cost) Responding to incentives compare the benefit of a little bit more of something with its cost a change in marginal cost or a marginal benefit changes the incentives that we face and leads us to make choices differently. We can predict how choices will change by looking at changes in incentives also a key to reconciling self-interest and social interest figure out the incentive system that result in self-interested choices also being in the social interest.

Related Questions

what is economics best defined as the study of how people, businesses, governments, and societies

A) make choices to cope with scarcity.

B) attain wealth.

C) choose abundance over scarcity.

D) use their infinite resources.

periwinklegnat793

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.

ECON102 Chapter Notes -Human Capital, Microeconomics, Macroeconomics

ECON102 Full Course Notes

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