ECON 1000 : ECON 1000 Notes (Ch 1-8)

• School: York University
• Department: Economics
• Course: ECON 1000
• Professor: Othon Alexandrakis

Document Summary

This document is directed to econ 1000 students at york university whom are looking for an additional resource to aid them with studying for the course final exam. It has been created with regard to the winter. This package covers materials from chapter 1 to chapter 8. Scarcity arises because we have limited resources but unlimited wants. The choices that we make depend on the incentives that we face. An incentive: a reward that encourages or penalty. Economics: a social science that studies the choices that individual, businesses, governments and entire societies make as they cope with scarcity and the incentives that influence and reconcile those choices. two main parts: microeconomics and macroeconomics. Microeconomics study of choices that individuals & businesses make, the way choices interact in markets, and. What : determines the items that we produce. For whom: depends on the income that people earn.