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Econ201-ch1.docx

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Department
Economics
Course
ECON 201
Professor
All Professors
Semester
Fall

Description
Chapter 1What is economics aboutImproves society financially environmentally ectLimited resources but wants and needs and unlimited therefore we have to make choicesHelps decide what to produce to satisfy to the best of our abilityChallenges for todays societyOverpopulation why are the poorest people having largest number of kidsoPoor education educations opens new doors for professional jobsoSocial pressure and religious reasonsoQuantity instead of qualityoEvery human is an economic entity that thinks in terms of costs and benefits cost benefit analysis is benefitcost then we choose it but if costbenefit then we dont chooseoCost doesnt change for a greater number of children because if you dont have any money to spend on 1 you wont spend any money on 5 But the benefit
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