Econ 1021 – Chap 1

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Western University
Economics 1021A/B
Jeannie Gillmore

Econ 1021Chap 1 11 Intro to EconScarcityinability to get everything we want its universalMust make choicescannot have best of both words Incentivereward that encourages an actionpenalty that discourages one Eg Price of laptop too lowless supply than demandedPrice too highsupply than demandEconomicssocial sci that studies choices that indiv businesses gov entire societies make as they cope with scarcity and incentives that influence and reconcile those choices Micro econstudy of choices indiv and business makeMacro econstudy of performance of national econ global econ Two Big Econ Questions How do choices end up determining what how and for whom goods and services are producedWhen do choices made in pursuit of selfinterest also promote social interestGoods and servicesobjects people valueproduce to satisfy human wantsGoodsphysical objectscell phonesServicestasks performed For what how and for whomWHATWhat produced various across countrieschanges over timeHOWproduced by using factors of productionresources business use to produce goods and services Landgifts of nature natural resourceused to produce goods and services Labourwork timeeffort physicalmental to produce goods and servicesQuality of labour depends on human capitalknowledge and skill people obtain from education onjob training and work exp expands over timeCapitaltools instruments machines buildings constructions businesses use to produce goodsservices financial capitalmoney stocks bonds allow business to borrow funds to buy physical capital bc not used to produce goodsservicesnot productive resource
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