Textbook Notes (368,122)
Canada (161,660)
Economics (587)
ECON 102 (244)
Chapter 1

Chapter 1 Notes FULL lecture notes for Chapter 1

4 Pages
84 Views
Unlock Document

Department
Economics
Course
ECON 102
Professor
Angela Trimarchi
Semester
Fall

Description
Econ 102 Chapter 1 NotesProf Angela TrimarchiChapter OneWhat is EconomicsEconomics studies howoSociety manages its scarce resourcesoPeople use scarce resources to satisfy unlimited human wantsAlsooEconomics is a social scienceEconomic Resources1Land natural resources2Labour physical and mental efforts in production3Capital machinery equipment structures4Entrepreneurship puts together resourcesKey IdeasScarcityPeople must make choicesoMaking choices leads to costsOpportunity Cost The best highest alternative forgoneOpportunity costs includes direct costs and indirect costsoDirect costs out of pocket costs explicitoIndirect costs not paid to anyone but are still costs implicitTwo Main Branches of EconomicsMicroeconomics studies individual economic unitsMacroeconomics studies economywide phenomenaMargins and Incentives Choices are made at the margin and are influenced by incentivesMargins A choice at the margin is a decision to engage in one more unit of an activityIncentive A motivation to perform a particular activityTwo Types of Economic StatementsPositive StatementoA statement about what isoValue freeNormative StatementoA statement about what ought to be
More Less

Related notes for ECON 102

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit