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ECON 1050 Chapter Notes - Chapter 1: Great Moderation, Positive Statement, Economic Model

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lavenderyak321
8 Apr 2013
School
University of Guelph
Department
Economics
Course
ECON 1050
Professor
Eveline Adomait

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Document Summary

Economics: the social science that studies the choices that individuals , businesses, governments and entire societies make as they cope with scarcity and the incentives that influence and reconcile those choices. Scarcity: the inability to get everything we want. Microeconomics: study of the choices that individuals and businesses make, the way these choices interact in markets, and the influence of governments. Macroeconomics: the study of the performance of the national economy and the global economy. Goods and services: the objects people value and produce to satisfy human wants. Goods are physical objects services are tasks performed for people. Factors of production: productive resources used to produce goods and services, such as land, labour, capital, entrepreneurship. Labour- work time ad work effort that eople devote to producing goods and services. It includes the physical and mental efforts of all the people who work on farms, construction sites, factories, shops, offices.

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Related Questions

Economics is the social science that studies:
a. how people make choices to cope with scarcity.
b. how choices made in the social interest could eliminate scarcity.
c. the real reasons people buy goods and services.
d. whether the nation has enough natural resources.
e. the psychology of individuals and businesses.

1) Which of the following is the best definition of economics? A) The study of how producers decide what inputs to hire and what outputs to produce. B) The study of how a provincial government allocates tax dollars. C) The study of how individuals, businesses, governments, and entire societies make choices as they cope with scarcity and the incentives that influence and reconcile those choices. D) The study of how consumers spend their income. E) The study of how consumers and producers meet each other at the market.

2) Which of the following is the best definition of economics? A) The study of how individuals, businesses, governments, and entire societies make choices as they cope with scarcity and the incentives that influence and reconcile those choices. B) The study of how consumers and producers meet each other at the market. C) The study of how a provincial government allocates tax dollars. D) The study of how consumers spend their income. E) The study of how producers decide what inputs to hire and what outputs to produce.