ECO101H1 Lecture Notes - Inferior Good, Normal Good, Opportunity Cost
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ECO101H1 Full Course Notes
Verified Note
98 documents
Document Summary
Economics is about limited resources and how they are utilized to satisfy what you and i want (consumers & household) Resources are scarce, because of that, we have to use it wisely to satisfy the demands. Types of resources (inputs: natural (land, human (labour, capital aid in production. Production- all about inputs (factors of production) into -> outputs commodities . Outputs- is commodities which can be used as goods and/or services: big economic questions, what? (what will be provided, how? (how will they be produced, for whom? (who gets what"s produced) ** sometimes there will be questions such as when? (differs between seasons) and where? (where natural resources are) ^ - the model answers individual questions for goods and services: growth. Price economy- what"s happening to the price level- inflation/deflation: microeconomics vs. macroeconomics, micro-economic- study of individual (individual market) decisions by firms & consumers. Well represent the supplier and demander relationship.
