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ECON 1000 Study Guide - Marginal Cost, Factor Cost, Structural Unemployment

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turquoisecrab828
23 Feb 2014
School
York University
Department
Economics
Course
ECON 1000
Professor
Jennifer Kuk

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

Chapter 1 and 2 what is economics and the economic problem. Economics is the social science that studies the choices that individual, business, governments and entire societies make as they cope with scarcity and the incentives that influence and reconcile those choices. Microeconomics is the study of choices that individuals and businesses make, the way those choices interact in markets and the influence of governments. Macroeconomics is the study of the performance of the national and global economies. All economic questions arise because we want more than we can have. Our inability to satisfy all our wants is called scarcity. Because we face scarcity we make choices and the choices we make depend on the. An incentive is a reward that encourages and action or a penalty that discourages an incentives we face action. A benefit that arises from an increase in an activity is called marginal benefit.

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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.

1. Explain why economics is a study of choices. Why do we have to make choices?

2. What are the economic resources? Why are they scarce?

3. Outline the differences between macroeconomics and microeconomics.

4. What are the economic questions? How is each question answered?

5. Outline the interaction of supply, demand, and price.

6. What is the difference between a buyers and a sellers market? Provide examples of each in your answer.

7. What causes equilibrium? How does price react?

8. What is the marginal principle? How can you apply it as a consumer?

9. & 10. We all hear talk about the dependency of oil and how higher oil prices affect our economy. Why have we not made greater strides to energy efficiency? Make sure you have at least two references to back your opinion.