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econpart1 Notes.docx

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ECON 1000
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Chapter 1A fundamental fact dominates our livesWe want more than we can getScarcity is our inability to satisfy all our wants Because of scarcity we cant get everything we want we must make choices Choices made by us must somehow be made consistent with choices of others For example If you choose to buy a laptop someone else must choose to sell it So incentives reconcile choices That is the choices we make depends on the incentives we face An incentive is a reward that encourages an action or a penalty that discourages oneEconomics 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 Microeconomics is the study of the choices that individuals and businesses make the way these choices interact in markets and the influence of governments Macroeconomics is the study of the performance of the national economy and the global economyChoices made in economics determine What How and For Whom goods and services are producedGoods and services are the objects that people value and produce to satisfy human wantsGoods are physical objects such as cell phonesServices are tasks performed for people such as cellphone serviceWhat What we produce varies across countries and changes over timeHowGoods and services are produce by using productive resources that economists call factor of production Factors of production are grouped into 4 categoriesLand gifts of nature that we use to produce goods and services
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