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ECON 1000 Lecture Notes - Opportunity Cost, Externality, Microeconomics

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blackotter881
2 Nov 2011
School
York University
Department
Economics
Course
ECON 1000
Professor
George Georgopoulos

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ECON 1000 Full Course Notes
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Document Summary

Economics: the social study that studies the choices that individuals, businesses, governments and. All economic questions arise because we want more tan we can get. Our ability to satisfy our needs and wants is called scarcity. Because we face scarcity we are forced to make choices. The choices we make depends on the incentives we face. An incentive is a rewards that encourages an action or a penalty that discourages an action. Micro: is the study of choices that individuals and businesses make, the way those choices interact in markets and the influence of governments. Macro: the study of the performance of the national and global markets. Macroeconomics also deals with currency and money, whereas microeconomics does not. Nominal variables: variables that are expressed in terms of currency or money. Negative externalities: when choices made in self-interest have negative consequences on society. Usually the firm does not absorb the costs associated with these negative consequences.

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Related Questions

Macroeconomics differs from microeconomics in that:

a. Macroeconomics studies the behavior of individuals. 

b. Macroeconomics looks at the behavior of the economy as a whole. 

c. Macroeconomics focuses on the national economy and global economy. 

d. Macroeconomics studies the behavior of the government while microeconomics looks at private corporations.  

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.