ECON101 Chapter 1: The Role and Method of Economics

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ECON101 Full Course Notes
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ECON101 Full Course Notes
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Chapter 1: the role and method of economics. Resources: inputs used to produce goods and services. (e. g. land, human skills, machines ) Scarcity: when human wants exceed the resources (which are limited). Aggregate: the total amount (e. g. aggregate/total amount of output). When one event causes another event to occur. Fallacy of composition: just because something is true for an individual doesn"t mean it is also true for a group (can"t generalize). Normative analysis/statements: objective, value-free; uses the scientific, subjective, biased method, e. g. universal health care would lead to greater worker productivity , e. g. everyone should have universal health care . Labour: the physical & mental effort people use in the production of goods and services. Land: the natural resources that are used in the production of goods and services (not land in the sense we usually think about it, although it can include this).

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