ECON 1000 Study Guide - Marginal Utility, Marginal Cost, Opportunity Cost

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ECON 1000 Full Course Notes
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ECON 1000 Full Course Notes
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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. Scarcity no scarcity no economic problem ; production is limited ; Incentives rewards; gain; satisfaction; ^ ; Choice because we face scarcity we gotta make choices. How do choices end up determining what, how, and for whom goods and services get produced: what. And services (retail and wholesale trade, health care, and education are the biggest ones) for 78 percent: how. What factors of production do we have four major categories land minerals; resources labour if you use more labour labour intensive. Capital - machineries; tools; equipment; human capital (extra knowledge) if you use more capital capital intensive. Entrepreneurship someone has to produce in response to market needs: for whom.

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