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ECON 1000- Final Exam Guide - Comprehensive Notes for the exam ( 90 pages long!)

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blackclam764
29 Mar 2018
School
York University
Department
Economics
Course
ECON 1000
Professor
Steven Edwards

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ECON 1000 Full Course Notes
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ECON 1000 Full Course Notes
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Document Summary

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. The study of mankind in the ordinary business of life. It arises out of the scarce resources to satisfy human wants. Incentive: a reward that encourages an action or a penalty that discourages one. Microeconomics: the study of the choices that individuals and businesses make, the way these choices interact in markets, and the influence of governments: microeconomics deals with concepts on an individual level. Consumer: decide what quantity and what brand of various goods to purchase. How many hours to participate and how many not to participate in. Producer (business owner): how many to hire from the labour pool. How to integrate the labour from the available. Something that is necessary for you to continue.

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Related Questions

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.

2) Which of the following is the best definition of economics? A) 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. B) The study of how consumers and producers meet each other at the market. C) The study of how a provincial government allocates tax dollars. D) The study of how consumers spend their income. E) The study of how producers decide what inputs to hire and what outputs to produce.