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Canada (161,798)
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ECN 104 (388)
Chapter 1

ECN104 - Chapter 1 and 2

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ECN 104
Tsogbadral Galaabaatar

ECN104Week 1 NotesChapter 1 Ten Principles of EconomicsQuestionsoWhat kinds of questions does economics addressoWhat are the principles of how people make decisionsoWhat are the principles of how people interactoWhat are the principles of how the economy as a whole worksWhat economics is all aboutoScarcityThe limited nature of societys resourcesoEconomicsThe study of how society manages its scarce resourcesEg How people decide what to buy How much to work save and spend How firms decide how much to produce how many workers to hire How society decides how to divide its resources between national defense consumer goods protecting the environment and other needsHow people make decisionsoPrinciple 1 People Face TradeoffsAll decisions involve tradeoffsEg Going to a party the night before your midterm leaves less time for studying Having more money to buy stuff requires working longer hours which leaves less leisure time Protecting the environment requires resources that could otherwise be used to produce consumer goodsSociety faces an important tradeoffEfficiency vs Equality
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