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[ECON 1010H] - Final Exam Guide - Comprehensive Notes for the exam (40 pages long!)

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School
Trent University
Department
Economics
Course
ECON 1010H
Professor
Chaudry Saud

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Document Summary

Scarcity our inability to satisfy all our wants. Incentive a reward that encourages an action or a penalty that discourages one. 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: has two parts: microeconomics & macroeconomics. Microeconomics the study of the choices that individuals and businesses make, the way these choices interact in markets, and the influence of governments. Macroeconomics the stud of the performance of the national economy and the global economy. What, how, and for whom: goods physical objects, services tasks performed. Goods and services objects that people value and produce to satisfy wants. What we produce varies across countries and changes over time. How we produce is described by the technologies and resources that we use: factors of production the resources used to produce goods and services.

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Related Questions

Economics is best defined as the study of how people, businesses, governments, and societies

A. increases the supply of fast food meals

B. make choices to cope with scarcity

C. services; trade and health care

D. comparative advantage

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.

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.