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

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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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