ECO100Y5 Study Guide - Quiz Guide: Economic Equilibrium, Luxury Goods, Price Floor
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ECO100Y5 Full Course Notes
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Document Summary
The study of markets and their consequences, choices made by consumers and firms, and the role of government in influencing the outcomes of markets. The study of the economy as a whole. Unemployment, inflation, economic growth, and related economic policies are central topics. The kind that most academic economists do. Whats reported on media (i. e. stock prices, forecasts) Found in paperbacks in airport (shows the next best thing) The production of goods and services in a way that will maximize our satisfaction, given the existing amount of labor, machines, and other resources. Factories, machines, inventories, and tools in an economy. Capital is used in producing other goods and services. Labor, capital, and natural resources that can be used to produce goods and services. Anything becomes scarce if it uses resources that have an alternative use. Scarcity is not a shortage, but a lack of any one resource. Only economic goods produced by workers and capital are scarce.
