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ECON 1050

Chapter 1 9/12/2012 1:24:00 PM Scarcity – our inability to get everythin we want (wanting more than what we can get). Incentive – a reward that encourages an action or a penalty that discourages one. Economics – social science study, that studies the choices individuals, businesses, and societies make to cope with scarcity & incentives that influence the choice(s) Microeconomics – study that focuses on individual elements of an economy such as consumers, businesses, labor and government and their role in the determination of prices for goods and services. (looks at the way individual markets affect the prices and allocation of resources) Macroeconomics – the study of total economic activity, not individual markets, gives an overview of the total economy. Goods & Servies. Factors of Productin - Land: natural resources we use to produces goods and servies [rent] - Labor: time and effort people devote to producing goods and services [wage]  Human Capital: knowledge and skills people attain through education, job training, and work experience - Capital: factories, equipment tools, etc used in the production process. (hum
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