ECON 1000 Chapter 1-4: econ 1000 chapters 1-4

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ECON 1000 Full Course Notes
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ECON 1000 Full Course Notes
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Chapter 1: how do choices end up determining what, how, and for whom goods and services are produced, can the choices that people make in the pursuit of their own self interest also promote the broader social interest. What?- those that people rationally choose to buy. For whom - determined by what is produced. Economics- the social science that studies the choices that people make as they cope with the scarcity of resources and the incentives that encourage or discourage their decisions to best satisfy wants and needs. Or- the study of mankind in the ordinary business of life. Incentive- reward/ penalty to encourage or discourage an action. Microeconomics- study of choices that individuals and businesses make. Many micro portions of the economy come together to create macroeconomics. Macroeconomics- study of the performance of national and global economy. Needs- life basics (food, clothing, shelter) human companionship? neh. Desires- unattainable things, beyond the scope of current availability.

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