Textbook Notes (368,317)
Canada (161,798)
Economics (924)
ECN 104 (388)
Chapter 1

ECN104 - Chapter 1 and 2

10 Pages
58 Views
Unlock Document

Department
Economics
Course
ECN 104
Professor
Tsogbadral Galaabaatar
Semester
Fall

Description
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
More Less

Related notes for ECN 104

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit