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Midterm

Notes on lectures and from the textbook. Includes chapters 1, 2, 3, 20 and 21 with the graphs and tables as shown in the textbook. It was a great study guide for the midterm.

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Department
Economics
Course
ECON 1010
Professor
Sadia Mariam Malik
Semester
Winter

Description
DEFINITION OF ECONOMICSscarcity inability to satisfy all wants wants are unlimited but resources are limitedfaced with scarcity we must choose among the given alternativesscarcity mandates choicesincentive reward penalty that encourages discourages an actionchoices we make depend on the incentives we faceEconomics social science that studies the choicesthat individuals businesses governments and society makeas they cope with scarcityand incentivesthat influence and reconcile those choicesMicroeconomics study of the choices that individuals and businesses make the way these choices interact and the influence of govtsMacroeconomics study of the performance of the national and global economyTWO BIG ECONOMIC QUESTIONSgoods physical objects services tasks performed for people objects that people value and produce to satisfy human wants How do choices end up determining what how and for whomgoods and services are producedwhat we produce changes overtimewhat goodsand services are producehow goodsand servicesare produced by using factors of productionlandgifts of nature natural resources that are either renewable and nonrenewablelabourwork time and effort that people devote includes the physical and mental efforts of peoplehuman capital qualityof labour and depends on the knowledge and skill that people obtain from learningcapital tools instruments machines buildings and other constructions not to be con fused with financial capitalentrepreneurship human resources that organizes labour land and capitalwho consumes the goods servicesthat are produced depends on incomes people earn by selling services of the factors of productionlandearns rent labourearns wages 70 of total income capitalearns interest entrepreneurshipearns profitHow can the choices made in the pursuit of selfinterestalso promote the socialinteresta choice is in your selfinterest if you think that choice is the best one available for youa choice is in the socialinterestif the outcome of that choice is the best for society as a wholeoutcome that uses distributes goods and services equitably and uses resources efficientlyselfinterestedchoices can sometimes promote social interest but tensionconflictmay occur between selfinterest andsocialinterestglobalization information revolution global warming natural resource depletion and economic instability
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