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ECON 1050 Chapter Notes - Chapter 1: Opportunity Cost, Human Capital, Tesla Model X

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yellowwhale375
4 Sep 2013
School
University of Guelph
Department
Economics
Course
ECON 1050
Professor
Eveline Adomait

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Document Summary

All economic questions arise because we want more than we can get. Economics: the social science that studies the choices individuals, businesses, governments, and societies make as they cope with scarcity and incentives which influence and reconcile these choices. Incentives: a reward that encourages an action or a penalty that discourages one. Goods and services: objects people value and produce to satisfy wants. Microeconomics: studies the choices that individuals and businesses make, the way these choices interact in markets, and the influence of the government. Focuses on the small details of an economy. Macroeconomics: studies the performance of the national economy and the global economy. Example: why did inflation start to increase in. Example: in the past 65 years the employment in the service industry grew by. 55%, agriculture has fallen because technology made it easier, and less people were needed to work and mange farms.

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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.