Textbook Notes (363,094)
Canada (158,187)
Economics (923)
ECN 204 (281)
Amy Peng (21)
Chapter 1

ECN 204 Chapter 1 Notes.docx

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Ryerson University
ECN 204
Amy Peng

ECN 204 Chapter 1 NotesEconomics the social science concerned with how individuals institutions and society make optimal best choices under conditions of scarcity Ten Key Concepts to Retain for a Lifetime 1 Facing Tradeoffs 2 Opportunity Costs 3 Choosing a Little More or Less 4 The Influence of Incentives 5 Specialization and Trade 6 The effectiveness of Markets 7 The Role of Governments 8 Production and the Standard of Living 9 Money and Inflation 10 InflationUnemployment Tradeoff The Economic Way of ThinkingEconomic Perspective a viewpoint that envisions individuals and institutions making rational decisions by comparing the marginal benefits and marginal costs associated with their actionsScarcity and Choice o Opportunity Cost the amount of other products that must be foregone or sacrificed to produce a unit of a productPurposeful Behavior o Utility the pleasure happiness or satisfaction obtained from consuming a good or
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