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ECON 102 (244)
Chapter 1

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ECON 102
Angela Trimarchi

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
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