ECON 1B03 : Econ Lecture #1.docx

35 views4 pages
Shanghaibalcony1234 and 37744 others unlocked
ECON 1B03 Full Course Notes
46
ECON 1B03 Full Course Notes
Verified Note
46 documents

Document Summary

Chapter 1- basic principals & glossary of terms for. Study of how society allocates its scarce resources to satisfy peoples" unlimited wants. Means society has limited resources & therefore cannot produce all goods & services people wish to have. Focuses on the individual parts of the economy. Looks at the economy as a whole. Allocates resources through the decentralized decisions of firms & households. Households decide what to buy & who to work for. Firms decide who to hire & how much to produce. Systematically & purposely using information to make the best decisions for oneself to achieve one"s objectives. When someone knows more abut something than someones does else. Eg. used car salesman knows a car;s history but a buyer may not. Anything that can be used to make something else. Everything you give up to get something else. The cost of the best forgone alternative. Economically rational thinking make decisions at the margin.

Get access

Grade+
$40 USD/m
Billed monthly
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
10 Verified Answers

Related Documents

Related Questions