Economics 1021A/B Chapter Notes - Chapter 1: Human Capital, Technological Change, Opportunity Cost

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ECON 1021A/B Full Course Notes

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Economics: the social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with scarcity and the incentives that influence and reconcile those choices. Macroeconomics: the study of the performance of the national economy and the global economy: ex: unemployment, interest rates. Labour the work time & effort people devote (wages) Human capital: knowledge that people obtain from education: capital machinery which earns interest, entrepreneurship human resource that organizes labour, land and capital which earns profit. Everyday 33 million canadians and 7 billion people make economic choices that result in q1. Self-interest: you don"t order a pizza because you think the delivery guy needs 2739 Social interest: leads to an outcome that is best for the society. Globalization: expansion of international trade, borrowing, lending & investment. The information-age economy: technological change over the past 40 years (info revolution) Tradeoff: giving up one thing to get something else.

Related Questions

Economics is the social science that studies:

a. how people make choices to cope with scarcity.

b. how choices made in the social interest could eliminate scarcity.

c. the real reasons people buy goods and services.

d. whether the nation has enough natural resources.

e. the psychology of individuals and businesses.

harlequincricket554

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.

Economics 1021A/B Chapter Notes - Chapter 1: Human Capital, Technological Change, Opportunity Cost

ECON 1021A/B Full Course Notes

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