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Canada (162,366)
Economics (923)
ECN 204 (282)
Chapter 1

Chapter One – Ten Principles of Economics.docx

3 Pages
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Department
Economics
Course Code
ECN 204
Professor
Christos Shiamptanis

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ChapterOneTenPrinciplesofEconomicsEconomycomesfromtheGreekwordforonewhomanagesahouseholdHouseholdsandeconomieshavealotincommonHouseholdsfacemanydecisionsmustdecidewhodoeswhatandwhattheygetinreturnAsocietymustmakedecisionsaswelldecidewhatjobwillbedoneandwhowilldoitThemanagementofsocietysresourcespeoplelandbuildingsmachineryetcisimportantbcresourcesarescarceScaritysocietyhaslimitedresourcesthereforecantproduceallthegoodsservicespeoplewantSocietycantgiveeveryonethehigheststandardoflivingtheydesireEconomicsstudyofhowsocietymanagesitscarceresourcesEconomistsstudyhowpeoplemakethosedecisionshowmuchtheyworkwhattheybuyhowmuchtheysaveandtheyinvesttheirsavingsHowPeopleMakeDecisionsPrinciple1PeopleFaceTradeoffstogetonethingwelikewehavetogiveupThereisnosuchthingasafreelunchsomethingelsewelikemakingdecisionsrequirestradingoffonegoalagainstanotherClassictradegunsbetterwhenwespendondefensegunswehavelesstospendonconsumergoodsbuttertoraiseourstandardoflivingathomeTradeoffbetweenefficiencyan
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