Business Administration - Accounting & Financial Planning ECN502 Chapter Notes - Chapter 1: Human Capital, Macroeconomics, Economic Model

• School: Seneca College
• Department: Business Administration - Accounting & Financial Planning
• Course: Business Administration - Accounting & Financial Planning ECN502
• Professor: Sandra Wellman

Document Summary

Chapter 1 the subject matter of economics. Lo 1. 1 explain the importance of understanding economics. Important events have economic causes or economic consequences. E(cid:272)o(cid:374)o(cid:373)y uses (cid:396)esou(cid:396)(cid:272)es to p(cid:396)odu(cid:272)e goods a(cid:374)d se(cid:396)(cid:448)i(cid:272)es to satisfy people"s (cid:449)a(cid:374)ts. Economics = our relationships with one another, our environment, how our wealth is distributed, type of work we do, amount of money we earn related to our economy. The (cid:271)ette(cid:396) (cid:449)e u(cid:374)de(cid:396)sta(cid:374)d = (cid:271)ette(cid:396) (cid:272)o(cid:374)t(cid:396)ol o(cid:374) ou(cid:396) (cid:862)desti(cid:374)y(cid:863) World affairs have a direct or indirect effect on us. Wisely use labour services and other resources. Visualize and evaluate the consequences of actions = improvement to economic and social well- being. What costs would you consider: describe a recent world affair that you believe to be related to economics. Economist work at different places: private firms: banks, insurance companies, large manufacturing companies, unions, telephone companies, high school, colleges, universities, government departments/agencies, research institutions, non-profit organizations.