ECON 1050 Study Guide - Midterm Guide: Marginal Cost, Export Subsidy, Economic Surplus
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23 Dec 2016
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Economics" fundamental definition says that we as humans want more than we can get. Demands and needs are limited by the limited resources available. Incentive: a reward that encourages an action or a penalty that encourages one. Economics is 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. 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 study of the performance of the national economy and the global economy. Goods and services are the objects that people value and produce to satisfy human wants. They are produced by using the four factors of production: Land: can also be known as natural resources such as oil, gas, coal, water, air, forests and fish.
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