ECON-1010 Study Guide - Comprehensive Final Exam Guide -
3
ECON-1010 Full Course Notes
Verified Note
3 documents
Document Summary
Macroeconomics: the study of the economy as a whole. Unemployment, inflation, economic growth, and related economic policies are central topics. Economists are interested in efficiency production of goods and services in a way that will maximize our satisfaction, given the existing amount of labor, machines, and other resources. 1. 5. 1 limited resources and large desires lead to scarcity. Labor force: includes those with a job and those who want a job but don"t have one. Have a large labor force about 160 million, lots of natural resources, lots of capital. Capital: factories, machines, inventories, and tools in an economy. Capital is used in producing other goods and services. Economic resources: labor, capital, and natural resources that can be used to produce goods and services. Scarcity: our wants are greater than our abilities to satisfy them. This necessitates making choices about how we use our resources. Must make choices about what we"re going to satisfy.