ECON 1000 Study Guide - Midterm Guide: Demand Curve, Marginal Utility, Marginal Cost
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ECON 1000 Full Course Notes
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Chapter 1: what is economics: economics as a discipline exists because of material and temporal scarcity. (not enough. Costs are a dis-incentive/penalty that discourages an action: most decisions involve more or less, rather than all or none, and involve marginal analysis. It is theory and logic based and relies on evidence based analysis. It"s domain (scope of study) is the choices that individuals, businesses, governments, and entire societies make as they cope with scarcity and the incentives that influence and reconcile those choices. It pays particular attention to the role of markets and prices as a form follows function human inventions (tools) to assist in choice making. Microeconomics is the study of choices (individuals, businesses, gov"t) make, the way those choices interact in markets, and the influence/role of governments. Macroeconomics is the study of the performance of the national and global economies at the aggregate level. Two big questions summarize the scope of economics:
