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Ch 1-2 Econ.odt

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Economics 1021A/B
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September 1118 Class NotesReadingsMicroeconomicsCommon sense made difficultThe study of choices that people make when our wants exceed our resources fundamental economic problemscarcityYou cant always get what you want you get what you needMick Jaggerbecause wants exceed the resources available to satisfy them we cannot have everything we want and must make choices This problem leads to economizing behaviourchoosing the best or optimal use of available resourcesEconomist The Economic ProblemWhat to produceHow to produce Example is it necessary to hire lots of people or machines for construction Cost vs speedFor whom to produce Who gets it and how do certain countries get itallocate using money buying a nice car Need healthcare in Canada Where to produceWhen to produce Right away mass produced or takes a few weeks months specially designed Example selling 5 Maybachs a yearnot necessary to mass produce it Planned economyno matter how hard they are told to work they receive the same amount not extra People do not receive extra money so no motivation to work harderProduction ResourcesFactors of ProductionLandresources from nature land raw materials like minerals waterCapitalthe processed materials equipment buildings used in productionNeed financial capital to get physical capitalLabourHuman effort to make thingsEntrepreneurship initiative management risktakingPutting items into categoriesInformationcapital
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