ECON 1050 Chapter Notes - Chapter 1: Opportunity Cost, Marginal Cost, Move

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Economics is divided into two parts: microeconomics, macroeconomics. The study of the performance of the national individuals/businesses make, the way these choices interact in markets, and the influence of governments. economy and the global economy. Land gifts of nature that we use to produce goods and services, also known as natural resources. (land earns rent) Capital the tools, instruments, machines, buildings, and other constructions that businesses use to produce goods and services. (capital earns interest) Entrepreneurship the human resources that organizes land, labor, and capital. (earns profit) Do choices made in the pursuit of self-interest promote the social. Self interest you make choices in your own self interest when you think that the choice is the best one available for yourself. Social interest an outcome is in the social interest if it is best for society as a whole, as opposed to individual"s self-interest.

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